CARIBBEAN – August 2, 2021 – ShareRing have today announced a pilot program to digitize the KYC (Know Your Customer) process for financial institutions based in the Caribbean region.

The pilot which began on June 1st, 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 experience in the technology and financial sectors.

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 will eliminate 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.

In a quote from the President of the Barbados Teacher’s Co-operative Credit Union Limited, Ms. Sherry-Ann Scott-King stated – “We are metamorphozing 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.”

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, means the customers remain in full control of their private and sensitive data.

“We’re very proud to deploy some of ShareRing’s core functionality to financial organizations 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.

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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.

These features provide: security for the individual user and, confidence for the consumer of the data that the data provided has not been altered in any way since it was uploaded to the blockchain. Through the ShareRing Ecosystem, accessed via ShareRing Apps, ShareRing has created a number of products/solutions which digitize, streamline and radically improve processes across multiple industries and functions including health, financial services, events, travel & hospitality.

Learn more at www.sharering.network

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