A multi-dimensional KYC system
The global impact of cybercrime exceeds $450 billion annually, as financial fraud and identity theft have thrived in the online and banking arenas. Additionally, it is predicted that by 2022, financial institutions will spend ten per cent of their revenue on regulatory compliance – more than double what it costs them today.
IDWorks is creating a Universal Identity solution crafted for the digital economy. It raises the industry standard for regulatory compliance. With inbuilt KYC, AML and advanced biometrics, their DLT infrastructure enable consumers to instantly onboard, verify and securely transfer their identity. This portability across platforms and systems will save financial institutions billions in repetitive onboarding costs and labour time.