Cambridge Blockchain and IHS Markit have teamed up to bring distributed digital identity technology to the collection and management of know-your-customer information.
KYC costs now exceed $500 million a year for big banks, while strict data privacy rules such as the European GDPR limit the ability to access validated customer identity attributes and come with big potential fines.
The partners claim that, by combining IHS Markit’s kyc.com services with Cambridge Blockchain’s distributed digital identity system, they can help firms resolve the competing challenges of transparency and privacy, resulting in faster customer onboarding, lower costs, and enhanced compliance through a single, trusted and consistent view of customer reference data.
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