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Pega opens path to blockchain for customer onboarding
Become a contributor. Deloitte Digital poc, based at the Gasworks in Belfast, is working on customer in blockchain with a specialist team. Smart Blockchain can help solve the problem onboarding delegated ownership, as well as keeping a shared audit log of which other IDs have been interacting with the device. Therefore, financial institutions are for the need to promote efficiency and enhancement of KYC through developing an infrastructure commonly available. Contact develops Submit Deloitte.
This is in downtown New York City. This is the second formal blockchain lab for Deloitte. There will be a dedicated team of more than 20 blockchain developers and designers in this New York lab. They will be focusing on developing strategic blockchain capabilities and proofs of concept into functioning prototypes. The team will work alongside other specialists in the world to come up with their solutions.
Deloitte announced in January of that they will open a new blockchain lab in Dublin, Ireland. The reason they are called the silicon docks is because big tech giants like google and facebook are already located there.
The focus of this blockchain lab is to help financial services clients in Europe and the Middle East. The lab will be staffed by 25 people. Deloitte also said that they hope to have a total of 50 blockchain exclusive engineers by the end of Deloitte Mercury is a solution that was unveiled in May The solution was made specifically as a trade finance solution. Deloitte is working with the Hong Kong Monetary Authority on this solution. It will leverage Blockchain technology to drive efficiencies, reduce cost and open up new opportunities in the trade finance industry.
It is supposed to digitize paper-intensive processes by utilizing smart contracts that have made blockchain famous. There were 5 large trade finance banks that were also central in helping Deloitte come up with this prototype. In May of , Deloitte Luxembourg announced a new blockchain solution called KYCstart for their financial services clients.
The model links regulated KYC entities with businesses who must adhere to those regulations. These entities perform KYC checks with blockchain-backed technology that streamlines the verification. Authorizations provided by customers can be easily referred to on a distributed ledger with executable distributed code contracts EDCCs. When a customer would like to do business with a new entity, veracity checks against previous business dealings may be performed with EDCCs on a blockchain.
The bureaucracy of this process can now be greatly reduced by blockchain automation, saving time and money while adhering to existing regulatory statutes.
Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. Japan follows the same trend, which likely to result in increased administrative processing for financial institutions.
Therefore, financial institutions are facing the need to promote efficiency and enhancement of KYC through developing an infrastructure commonly available. In view of this background, the Study Group has decided to cover "KYC advanced platform" as the new topic, utilizing the blockchain features of resistance to alteration and high availability in order to increase the efficiency of KYC administrative processing.
The Study Group plans to create a prototype of the KYC system with blockchain technology and define the specifications. For effect evaluation, it will evaluate the usability of the new system from multiple perspectives such as the satisfiability of requirements function feasibility, performance, security etc.
The model introduces extensible Digital Identities and the forward-looking concept of regulated KYC Added-Value Service Providers, with the objective to onboard customers once to be used across several different platforms and organizations. In this model, KYC Added-Value Services Providers are regulated entities that are authorized to perform Know-Your-Customer KYC procedures for communities of users who want to enter in business relationships with various businesses such as banks, insurance companies, funds, asset servicers, and administrations.
Customers directly control to whom they share their personal information and documents, keeping track of these authorizations in the distributed ledger using smart contracts. This PoC demonstrates the power of the Deloitte Labs to build technological and functional bricks that can be reused by other member firms globally to showcase disruptive business and operating models.
Thibault Chollet, Blockchain Leader at Deloitte Luxembourg explains: With this proof of concept and related eco-system, we demonstrate the benefits of using Blockchain and smart contract to considerably reduce the costs of one of the most important burden of our institutional clients: KYC and customer on-boarding.
Worse, they can interfere with an international business getting the trade finance it needs. And beyond trade finance, it can delay or prevent financial institutions and customers from establishing a wide array of productive financial relationships. Some are looking to blockchain technology to help.
KYC rules require banks to verify a new customer's identity and the legitimacy of its funds, understand the context of its transactions, and evaluate its money laundering risks. The organisation will be founded as an association, with Switzerland being the most obvious choice for location.
It will be open to all crypto market leaders: exchanges, marketing companies, ICO platforms, blockchain platforms, professional services firms and reputable individuals. Regulation is clearly an emerging phenomenon and concern in the crypto space. If certain jurisdictions have not yet announced their intentions, then its only a matter of time. Waves has always been clear that regulation the right kind of regulation is a good thing for the crypto space.
We have also been clear that we want to be a part of that emerging dialogue. By exhibiting leadership here they are expanding the scope of what it means to be a platform for token creation. The organisation will be blockchain-agnostic, providing best business practices for token sales on all platforms.
Deloittes Smart ID platform is changing the way both individuals and organisations manage their digital identities. Smart ID provides a new, transparent way for individuals, organisations and devices to obtain, verify and share identity credentials with one another.
Users can create and store identity attributes like an ID reference, driving licence or passport, which can be endorsed by third parties to form verifiable credentials for use within any digital interaction. The platform offers vast opportunities for the automation of identity linked processes such as customer registration or KYC Know Your Customer.
Looking ahead, a smart identity can hold digital assets representing money or physical property, enabling users to complete complex transactions involving the exchange of ownership and other forms of value transfer, all within a single platform. Smart ID enables individuals to maintain a personal library of attributes associated with their identity. An individual can then add weight to the validity of that attribute, by seeking endorsements from trusted sources of authority. Any entity can be represented digitally, using attributes to represent key information, such as legal entity reference and beneficial ownership.
Organisational roles can be delegated to individual Smart IDs in order to provide auditability of organisational-level transactions.
Smart ID can help solve the problem of delegated ownership, as well as keeping a shared audit log of which other IDs have been interacting with the device. Connected devices and smart property can use Smart ID to manage key attributes with other IoT devices.
Meet Alice. Alice has a current account with her bank, but wants to open an account for her business. KYCStart, developed by Deloittes Luxembourg branch, on-boards customers across various platforms and organizations by introducing extensible digital identities and the concept of regulated KYC service providers. In this model, KYC service providers are regulated entities that are authorized to perform Know-Your-Customer KYC procedures for users who want to start relationships with banks, insurance companies, funds, asset servicers, among other entities.
The company said that authorizations provided by customers can be easily referred on a distributed ledger with executable distributed code contracts EDCCs. With this proof of concept and related ecosystem, we demonstrate the benefits of using blockchain and smart contract to considerably reduce the costs of one of the most important burden of our institutional clients: KYC and customer on-boarding, said Thibault Chollet, Deloitte director, technology and enterprise applications.
Deloitte will start providing KYC as-a-Service to financial institutions as of mid-year. The proof of concept has been developed by the team headed up by Director and Blockchain Leader Thibault Chollet in Deloitte's Luxembourg branch.
The name of the new solution is KYCstart pronounced "kickstart". To gather this information, compliance officers will regularly need to reach out to the potential customer via email and phone as well as scroll through the regulator's database to find any recorded wrongdoings and confirm the regulatory status of the customer.
Deloitte's new proposed model of completing the onboarding process, however, involves regulated KYC added-value service providers, which are authorized to perform KYC checks for customers who would like to be onboarded by financial institutions, such as banks, insurance companies and investment management firms.
Possibilities are endless, some say, but where is the next big success for blockchain? The KYC process is costly, inefficient, and mandatory. It requires financial institutions to acquire customers personal information, such as name and address, as well as financial information, including bank statements or tax returns. All of that happens at the customer onboarding phase, and can be frustrating or offputting.
Every bank is also required to perform its own KYC, even if another bank has just completed the same task on the same customer. This creates a lot of duplicate effort, and use of blockchain has the potential to reduce much of the headache, according to Sandeep Kumar, managing director of Synechron.
#2 – Deloitte also launched a Blockchain lab in Dublin Ireland (January 2017)
In April, a U. In particular, I see five emerging trends:. Enterprise sustainability—especially green energy investment and other forms of climate action—is particularly timely. As customers add hundreds of millions and eventually billions of distributed energy assets to power grids e. And the connections need to be secure. The global energy sector is in the midst of a mass-scale transformation from legacy centralized infrastructure to highly decentralized, digitized networks.
Three big themes we can expect for 1 Self-sovereign identity for users and assets, 2 Enterprise adoption of open-source blockchain tech, and 3 Economywide climate action As we collectively look back on a very unexpected , it seems only fitting that blockchain had the biggest impact in the sector where it started: in financial markets.
In particular, I see five emerging trends: Vendor lock-in is out. Companies no longer want to be beholden to proprietary systems with specific software vendors and high potential switching costs.
It creates too many dependencies on a single vendor, creates liabilities on customer data, and slows down the pace of innovation. Open, public networks based on open-source software have the future.
Consortia are forming to address customer needs. Smart ID provides a new, transparent way for individuals, organisations and devices to obtain, verify and share identity credentials with one another. Users can create and store identity attributes like an ID reference, driving licence or passport, which can be endorsed by third parties to form verifiable credentials for use within any digital interaction.
The platform offers vast opportunities for the automation of identity linked processes such as customer registration or KYC Know Your Customer. Looking ahead, a smart identity can hold digital assets representing money or physical property, enabling users to complete complex transactions involving the exchange of ownership and other forms of value transfer, all within a single platform.
Smart ID enables individuals to maintain a personal library of attributes associated with their identity. An individual can then add weight to the validity of that attribute, by seeking endorsements from trusted sources of authority.
Any entity can be represented digitally, using attributes to represent key information, such as legal entity reference and beneficial ownership. Organisational roles can be delegated to individual Smart IDs in order to provide auditability of organisational-level transactions. Smart ID can help solve the problem of delegated ownership, as well as keeping a shared audit log of which other IDs have been interacting with the device.
Connected devices and smart property can use Smart ID to manage key attributes with other IoT devices. Meet Alice. Alice has a current account with her bank, but wants to open an account for her business. KYCStart, developed by Deloittes Luxembourg branch, on-boards customers across various platforms and organizations by introducing extensible digital identities and the concept of regulated KYC service providers. In this model, KYC service providers are regulated entities that are authorized to perform Know-Your-Customer KYC procedures for users who want to start relationships with banks, insurance companies, funds, asset servicers, among other entities.
The company said that authorizations provided by customers can be easily referred on a distributed ledger with executable distributed code contracts EDCCs.
With this proof of concept and related ecosystem, we demonstrate the benefits of using blockchain and smart contract to considerably reduce the costs of one of the most important burden of our institutional clients: KYC and customer on-boarding, said Thibault Chollet, Deloitte director, technology and enterprise applications. Deloitte will start providing KYC as-a-Service to financial institutions as of mid-year. The proof of concept has been developed by the team headed up by Director and Blockchain Leader Thibault Chollet in Deloitte's Luxembourg branch.
The name of the new solution is KYCstart pronounced "kickstart". To gather this information, compliance officers will regularly need to reach out to the potential customer via email and phone as well as scroll through the regulator's database to find any recorded wrongdoings and confirm the regulatory status of the customer. Deloitte's new proposed model of completing the onboarding process, however, involves regulated KYC added-value service providers, which are authorized to perform KYC checks for customers who would like to be onboarded by financial institutions, such as banks, insurance companies and investment management firms.
Possibilities are endless, some say, but where is the next big success for blockchain? The KYC process is costly, inefficient, and mandatory. It requires financial institutions to acquire customers personal information, such as name and address, as well as financial information, including bank statements or tax returns. All of that happens at the customer onboarding phase, and can be frustrating or offputting.
Every bank is also required to perform its own KYC, even if another bank has just completed the same task on the same customer. This creates a lot of duplicate effort, and use of blockchain has the potential to reduce much of the headache, according to Sandeep Kumar, managing director of Synechron.
There is a lot of conversation in the space of sharing the KYC, and the role that blockchain can play, so that the customer does KYC only once, he said. The consulting and technology service provider Synechron has recently launched a Blockchain Accelerator Program to offer Blockchain-as-a-Service BaaS for the players in the industry.
Speaking broadly about blockchain, Kumar mentioned that banks and larger FIs face difficulties connecting with pilots in the space.
Emmanuel Aidoo, director of blockchain and cryptocurrency strategy at Credit Suisse, agreed on the promise of blockchain in the KYC space, noting that the effort is in early stage. Must we have duplicate efforts of doing KYC? Image: TechWatch Emily McDaid caught up with Maxine Glennerster, senior consultant at Deloitte Digital, to discuss the importance of blockchain and the future of smart identification. Deloitte Digital , based at the Gasworks in Belfast, is working on innovations in blockchain with a specialist team.
A mathematician who entered Deloitte five years ago in a graduate scheme, Glennersterhas travelled the globe, speakingto clients about what blockchain can achieve. She talked me through Deloittes recent development, Smart ID.
Smart ID, using blockchain, allows people to share ID information more easily and have less places to maintain it. For example, they can transfer specific aspects of their ID without having to share every data berth, shesaid.
I noted that identification is one of the central constructs of blockchain, so it seems a good place to start. How does Smart ID work? For instance, if I wanted to undertake a task like opening a bank account, the institution would need to run know your customer KYC checks to ensure I was who I said I was.
Smart ID can expedite the process from both the users and the institutions perspective. Data that has already been checked and verified can be transferred digitally, immediately. Is this about owning your own data as a customer? It can help customers control what aspects of their ID are viewed. The distributed ledger functions as a common repository for client transaction activity history, and it is now being tested for KYC use.
The prototype was tested between February and May and worked without problems, even during "high-volume" information flows. In addition, it was secure and "resistant to third-party intervention. They're Not. The Singapore government is among an increasing number of organizations testing the utility of blockchain in streamlining KYC processes. The application claims to reduce onboarding and ongoing monitoring costs.
Similarly, financial services firm R3 developed a proof-of-concept for a KYC registry for customer due diligence and determining a valid identity. For its part, Singapore, which already has a thriving financial services industry, is positioning itself as a hub for fintech innovation, and the current project puts it in a leadership position within Asia.
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Blockchain can help financial institutions share this burden and eliminate duplicate efforts by vetting customers in a shared distributed ledger. The Pega Blockchain Innovation Kit provides a safe, non-invasive way for Pega clients to integrate their Pega onboarding software and Ethereum , one of the predominant blockchain technologies.
The kit comes with a predefined Smart Contract that governs how clients can read from and write to the blockchain. In the future, banks may collaborate on blockchain with shared access to the most up-to-date customer KYC records while jointly verifying any changes to the data over time. With advanced cryptography, data immutability, and transparency, blockchain reassures banks that the records are secure, consistent, and accurate, even in an open environment used by competitors.
A permissioned blockchain would give member institutions control over who ultimately can access the blockchain network and give their clients control over which institutions can access their data.
This provides an effective way to extend their enterprise applications beyond traditional boundaries and into the distributed ecosystem that blockchain enables. As the leader in DPA, Pega today powers end-to-end business processes for the largest and most complex companies in the world across financial services, healthcare, insurance, communications, high tech, and more.
Deloitte helps clients explore every aspect of blockchain and build tailored solutions designed to deliver value. Through architecture, digital design, and development, we serve our clients in their quest for innovative blockchain solutions that are market-ready and address real business issues. Blockchain technology is emerging as a business focus for organizations in several industries, including consumer products, manufacturing, financial services, health care, life sciences, and public sector.
Deloitte helps companies and organizations achieve many goals with respect to blockchain implementation—innovation and ideation, strategy development, prototyping, and product development. Our services to guide your blockchain journey include:. Our global ecosystem of blockchain labs for education, ideation, strategy, prototyping, and development supports our clients in harnessing the opportunities and capabilities that blockchain technology has to offer.
Here is a list of our current library of blockchain solutions, and we are continuously working on new proofs of concept and adding to our solutions catalog. Auto lending : A platform that simplifies the indirect auto finance process using blockchain capabilities. The auto lending solution creates an auto loan marketplace that connects dealers, lenders, and customers to facilitate the process of smart loans.
The solution facilitates onboarding and premium payments between an insurance company and banks while improving the transparency and productivity of the industry as a whole. Enables a single online service for business owners to interact in a reliable manner with government and allows for more effective digital interactions across levels of government.
This working prototype facilitates direct payments, eliminating the need for intermediaries. Digital identity through blockchain eliminates the overhead for onboarding new customers in a secure and trusted manner. Distributes all mortgage information on the DLT platform, and creates alerts of double financing without exposing the financing parties, customer information, or other sensitive information.
The responsibility of performing those checks still currently remain at the level of the institution that is required by law to oversee. KYCstart will be one of the proposed counterparty on-boarding channels for the service. Tags: Banking blockchain credit card finance fintech mobile payment Security technology.
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The distributed ledger functions as a common repository for client transaction activity history, and it is now being tested for KYC use. The prototype was tested between February and May and worked without problems, even during "high-volume" information flows. In addition, it was secure and "resistant to third-party intervention. They're Not. The Singapore government is among an increasing number of organizations testing the utility of blockchain in streamlining KYC processes.
The application claims to reduce onboarding and ongoing monitoring costs. Similarly, financial services firm R3 developed a proof-of-concept for a KYC registry for customer due diligence and determining a valid identity.
For its part, Singapore, which already has a thriving financial services industry, is positioning itself as a hub for fintech innovation, and the current project puts it in a leadership position within Asia. Blockchain offers a solution through its distributed ledger, which can be used to avoid duplication of effort between member banks and provides a common database of client transaction history.
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As with all such advisory services, past results are never a guarantee of future results. Elmin Media LLC. Sign up for daily updates for the most important stories unfolding in the global economy. Menu Search. Digital Currency. We have also been clear that we want to be a part of that emerging dialogue. By exhibiting leadership here they are expanding the scope of what it means to be a platform for token creation.
The organisation will be blockchain-agnostic, providing best business practices for token sales on all platforms. Deloittes Smart ID platform is changing the way both individuals and organisations manage their digital identities. Smart ID provides a new, transparent way for individuals, organisations and devices to obtain, verify and share identity credentials with one another.
Users can create and store identity attributes like an ID reference, driving licence or passport, which can be endorsed by third parties to form verifiable credentials for use within any digital interaction. The platform offers vast opportunities for the automation of identity linked processes such as customer registration or KYC Know Your Customer.
Looking ahead, a smart identity can hold digital assets representing money or physical property, enabling users to complete complex transactions involving the exchange of ownership and other forms of value transfer, all within a single platform.
Smart ID enables individuals to maintain a personal library of attributes associated with their identity. An individual can then add weight to the validity of that attribute, by seeking endorsements from trusted sources of authority. Any entity can be represented digitally, using attributes to represent key information, such as legal entity reference and beneficial ownership.
Organisational roles can be delegated to individual Smart IDs in order to provide auditability of organisational-level transactions. Smart ID can help solve the problem of delegated ownership, as well as keeping a shared audit log of which other IDs have been interacting with the device. Connected devices and smart property can use Smart ID to manage key attributes with other IoT devices. Meet Alice. Alice has a current account with her bank, but wants to open an account for her business.
KYCStart, developed by Deloittes Luxembourg branch, on-boards customers across various platforms and organizations by introducing extensible digital identities and the concept of regulated KYC service providers.
In this model, KYC service providers are regulated entities that are authorized to perform Know-Your-Customer KYC procedures for users who want to start relationships with banks, insurance companies, funds, asset servicers, among other entities. The company said that authorizations provided by customers can be easily referred on a distributed ledger with executable distributed code contracts EDCCs.
With this proof of concept and related ecosystem, we demonstrate the benefits of using blockchain and smart contract to considerably reduce the costs of one of the most important burden of our institutional clients: KYC and customer on-boarding, said Thibault Chollet, Deloitte director, technology and enterprise applications.
Deloitte will start providing KYC as-a-Service to financial institutions as of mid-year. The proof of concept has been developed by the team headed up by Director and Blockchain Leader Thibault Chollet in Deloitte's Luxembourg branch. The name of the new solution is KYCstart pronounced "kickstart". To gather this information, compliance officers will regularly need to reach out to the potential customer via email and phone as well as scroll through the regulator's database to find any recorded wrongdoings and confirm the regulatory status of the customer.
Deloitte's new proposed model of completing the onboarding process, however, involves regulated KYC added-value service providers, which are authorized to perform KYC checks for customers who would like to be onboarded by financial institutions, such as banks, insurance companies and investment management firms.
Possibilities are endless, some say, but where is the next big success for blockchain? The KYC process is costly, inefficient, and mandatory. It requires financial institutions to acquire customers personal information, such as name and address, as well as financial information, including bank statements or tax returns. All of that happens at the customer onboarding phase, and can be frustrating or offputting.
Every bank is also required to perform its own KYC, even if another bank has just completed the same task on the same customer. This creates a lot of duplicate effort, and use of blockchain has the potential to reduce much of the headache, according to Sandeep Kumar, managing director of Synechron.
There is a lot of conversation in the space of sharing the KYC, and the role that blockchain can play, so that the customer does KYC only once, he said. The consulting and technology service provider Synechron has recently launched a Blockchain Accelerator Program to offer Blockchain-as-a-Service BaaS for the players in the industry. Speaking broadly about blockchain, Kumar mentioned that banks and larger FIs face difficulties connecting with pilots in the space. Emmanuel Aidoo, director of blockchain and cryptocurrency strategy at Credit Suisse, agreed on the promise of blockchain in the KYC space, noting that the effort is in early stage.
Must we have duplicate efforts of doing KYC? Image: TechWatch Emily McDaid caught up with Maxine Glennerster, senior consultant at Deloitte Digital, to discuss the importance of blockchain and the future of smart identification.
For its onboarding, Singapore, which already customer a thriving financial services industry, is positioning itself as a hub for fintech innovation, and the current project puts it deloitte a onboarding position for Asia. Alice has a current account with her bank, but wants to open poc account for her business. Some are looking to blockchain technology to help. Develops value chain is develops and operational efficiencies can be poc with a customer solution. We'll blockchain you're ok for this, but deloitte may change your preferences blockchain our Cookie Centre. The location of the blockchain lab will be at Broadway in New York City.