Streamlining KYC Procedures
With an ever growing technological society, we see a demand for a higher standard of customer service and satisfaction. With this in mind, BNC is emerging from a group of established FinTech companies with a goal of disrupting the financial services market. In order to effectively do that BNC is creating a platform that addresses the current problems in the banking industry from the ground up.
When dealing with any financial institution, in order to be accepted customers must first be approved through the Know Your Customer (KYC) process. KYC is the process of identifying and verifying the identity of clients. The process of KYC assists in detecting and preventing criminal behavior, such as funding terrorist organizations and money laundering schemes through banks worldwide. Despite its importance, the KYC process in many financial institutions is tedious and expensive. The process includes establishing the identity of the customer, understanding the nature of the customers activities (making sure the source of funds is legitimate), and assessing money laundering risks associated with customers. Because there is no central database for this information, this process requires multiple employees to process information at different levels and requires the duplication of various documents. Required for every new account, it ends up being quite expensive and time consuming with a high risk of error.
Often new customers become frustrated with the amount of time it takes to get approved and are looking for alternatives to these archaic methods. As financial institutions continue to struggle to migrate to blockchain technology despite its proven transactional advantages, financial institutions can now use BNC’s SkyNet SDK protocol. By taking advantage of pre-existing KYC, SkyNet acts as a bridge for customers to utilize blockchain technology via their financial institutions with no infrastructural changes or disruption in communication between traditional banking channels such as SWIFT and SEPA.
Once funds have been successfully transferred into the system, the financial institution that is utilizing the BNC blockchain can at all times trace where every cent originated from. This provides the proof of funds and security needed to create the most advanced, safe way of global transactions with the strictest AML enforcement.