Products & Features

WorldKYC Products & Features

1. A universal integrated ID platform with a domestically central- and globally distributed data repository for all members and will manage a standardized, minimum data set relating to ID of each member. The base ID record will also be kept on the WinstantPay private (consortium) blockchain architecture.
   
   
2. Provision for seamless data exchange between ID related systems and external systems via defined public and private system interfaces - imagine a KYC / AML compliant consensus based automated account opening - clients complete full KYC once and only maintain that information once - no more endless copying of passports and the like.
   
   
3. Risk Based KYC - Depending on the profile of the data requester only the relevant data groups of a KYC record will be shared. Depending on the specific case, KYC and Enhanced Due Diligence checking may not be required, but if the amounts exceed the threshold limits or the details of the Ultimate Beneficial Owner are unknown or the potential customer identification is not clear, then Enhanced Due Diligence screening will always be carried out.
   
   
4. To confirm with global AML requirements, KYC stores relationships and roles of clients, e.g. the CFO of a firm has different increments and compliance reporting requirements than an employee, just another feature KYC can support financial institutions with around the globe.
   
   
5. Advanced verification techniques through artificial intelligence and machine learning. Facial recognition and other biometric attributes will dramatically reduce KYC approvals and/or confirmations. No more dog and cat pictures in your KYC documentation.
   
   
6. Each of the individual partner systems will cater to a specific set of program stakeholders, like banks, authorities, enterprises.
   
   
7. Modern machine learning libraries and neural networks are currently being tested by our technologists to automate the picture ID verification part of the KYC process. Let’s say one new client scans her ICAO compliant passport as one step to complete her KYC. Our next generation KYC will match the machine readable zone on the passport with the text on the datapage and match that to the data entered into the KYC application web form. At this stage the features (equivalent of minutiae in fingerprints) of the passport images will be stored. As a next stage she takes a proof of life “selfie” holding the passport. Our AI will now match that: The passport is the same (probability score) as the earlier scanned passport The person on the “selfie” is the same as the person on the earlier scanned passport These two steps alone will considerably speed up the KYC verification process as now only those enrollments need to be manually verified that fail during the automated verification as you can imagine that a similar process can be applied to other KYC documents such as driving licenses, utility bills, etc or even valuables like title deeds, car ownership documents, etc.