By Rohan Le Page, Co-Founder, ShareRing
Think about what happens when your client walks into a new bank. They hand over their passport. Someone scans it. A biometric check runs. Sanctions lists get queried. The whole process takes days, sometimes weeks. Then the bank sends a welcome email.
Two months later, that same client needs a mortgage. Different department. Same bank. The entire process starts again.
Then they engage a lawyer for the conveyancing. Verified again. Then a financial adviser for the superannuation rollover. Again. Then an accountant for the trust restructure. Again.
Same person. Same documents. Same result. Five separate verifications in six months. Each one costing between $20 and $150 for the business. Each one taking the client’s time. Each one creating another copy of their personal data sitting on another server.
This is the current state of KYC. And it is broken in a way that everybody recognises but nobody has fixed at scale. Until now.
The problem is architectural, not operational
Most KYC platforms are built the same way. A business sends your documents to a verification provider. That provider runs checks and returns a result. The result belongs to the business. It cannot be transferred, shared or reused.
So the next business that needs to verify the same person starts from zero. Not because the first verification was bad. Not because the person has changed. But because the system was never designed to let verified information travel with the individual.
This is not a technology limitation. The cryptographic tools to make credentials portable, tamper-proof and privacy-preserving have existed for years. Verifiable credentials, decentralised identifiers, zero-knowledge proofs. The standards are published. The specs are mature. The EU is building an entire digital identity wallet ecosystem around them under eIDAS 2.0, with mandatory availability by late 2026.
The problem is that the incumbent KYC industry has no incentive to make verification reusable. Every repeat verification is revenue. Every re-scan is a billable event. The business model depends on the problem never being solved.
What reusable identity actually looks like
A reusable identity credential works like this.
Your client downloads an app. They verify once: document capture, biometric face match, liveness detection, government database check. The result is a cryptographic credential stored on their device. Not on a central server. Not in a vendor’s database. On the client’s phone.
When a business needs to verify that client, the client taps to share. The business receives a cryptographic proof that the person has been verified, along with whatever specific attributes were requested. Name, date of birth, age-over-18, sanctions clearance. Nothing more than what was asked for.
The business gets the assurance it needs. The client does not re-verify. No documents change hands. No biometric data leaves the device. The entire exchange takes seconds.
For the client, it is faster and more private. For the business, it is cheaper and still fully compliant. For the regulator, the audit trail is stronger because every share event is logged, timestamped and immutable.
The regulatory wind is at our backs
This is not a speculative technology play. The regulatory frameworks are being built explicitly to support this model.
The EU Digital Identity Wallet, mandated under eIDAS 2.0, requires all Member States to offer at least one digital identity wallet to citizens by late 2026. The UK’s Digital Identity and Attributes Trust Framework is now statutory under the Data (Use and Access) Act, with certified providers already operating. Australia’s Tranche 2 AML/CTF reforms, effective July 1 2026, endorse digital verification systems that meet AUSTRAC’s requirements.
The world is moving toward verified, portable, reusable digital identity. The question is not whether this happens. It is whether your business is ready for it.
What we built at ShareRing
ShareRing Me is built on exactly this model. Verify once, share many times. Every credential is anchored to our blockchain. Every share event creates an immutable audit record. The client controls their data. The business gets compliance-grade assurance.
We are live in the UK under DIATF certification. We are AUSTRAC AML/CTF compliant in Australia. We support the full AML/CTF stack including PEP screening, sanctions checks, and ongoing monitoring. And we do it at a fraction of the cost of traditional KYC providers because the verify-once model eliminates the redundancy that drives most of their pricing.
If you are tired of paying to verify the same people over and over, there is a better way.
Related reading
For a detailed look at the KYC cost problem, read KYC Costs $2,500 Per Client. It Does Not Have To.
See reusable identity verification in action: FundedHere Investor KYC and National Commercial Bank of Anguilla.
Understand how ShareRing Link connects businesses to verified users without exposing personal data.
Rohan Le Page is Co-founder of ShareRing. ShareRing Me is AUSTRAC AML/CTF compliant, ARNECC VOI Ready, DIATF certified, and ISO 27001 certified.
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