CARIBBEAN, August 2, 2021. ShareRing has announced a pilot program to digitise the KYC (Know Your Customer) process for financial institutions based in the Caribbean region.
The pilot, which began on 1 June 2021, is part of ShareRing’s long-term commitment to the region as they roll out their blockchain-based identity and verifiable credentials ecosystem across a number of industries including health, events, financial services and travel. The ShareRing Caribbean team leading the project have over 20 years of experience in the technology and financial sectors. See: AUSTRAC Tranche 2 compliance guide.
This digital eKYC pilot will enable credit unions, insurance companies and other financial institutions to receive their customers’ ID and supporting documents in an encrypted digital format through their mobile device. The solution eliminates much of the time-consuming aspects of account sign-up processes while still ensuring the institutions operate within the regulatory framework.
ShareRing’s scope includes exploring the potential for credit approvals and identity verification checks from one financial institution to be made available to other similar institutions or third parties.
Voice from the credit union
In a quote from the President of the Barbados Teacher’s Co-operative Credit Union Limited, Ms. Sherry-Ann Scott-King stated: “We are metamorphosing our structure to embrace technological advances, and the use of blockchain technology is the solution to our KYC needs. Partnering with companies such as ShareRing reiterates this, and we’re excited to see the fruits of the project both for our members and the credit union, while ensuring we remain compliant with regulatory requirements.” See: seven things that make self-sovereign identity different.
The key benefit for the credit union’s customer is having a streamlined digital process without compromising their data security. Using ShareRing’s encrypted ID technology with its self-sovereign and privacy-by-design features, customers remain in full control of their private and sensitive data.
“We’re proud to deploy ShareRing’s core functionality to financial organisations in the Caribbean region. We are able to provide blockchain-based eKYC solutions which facilitate heightened levels of security and trust between financial institutions and their customers,” said Tim Bos, CEO and Founder of ShareRing. See: the three verification levels inside the ShareRing Vault.
About ShareRing
ShareRing is a technology company which has created an ecosystem where individuals and organisations can transact in a secure and trusted digital environment. Central to establishing high trust levels is ShareRing’s encrypted self-sovereign ID solution, based on blockchain technology, creating an immutable fingerprint of an individual’s verifiable personal identity and documents. Self-sovereign means the individual retains full control over their own data since it resides solely on their personal device in an encrypted format, and is never stored centrally. See: Advanced KYC Solutions.
Through the ShareRing Ecosystem, accessed via ShareRing Apps, ShareRing has created products which digitise, streamline and radically improve processes across multiple industries including health, financial services, events, travel and hospitality.
Where we sit.
ShareRing has been building this technology since 2018. The encrypted Vault and self-sovereign ID model we put in the original whitepaper are the same architecture under everything we deploy today.
If you want to discuss privacy KYC at country scale, the door is open at sharering.network/contact.
By ShareRing Team of ShareRing.
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