Where FinTech used new developments in technology to improve the financial industry, RegTech will see a similar overhaul when it comes to compliance.
In an increasingly digital world, when we step ever closer to the Internet of Things and truly digital economies, we need solutions that are as advanced as the areas they are overseeing; there is little point in having paper-based method of regulation in the modern world, but some industries still rely on physical documentation and checks.\ Instead, as blockchain, cryptocurrencies, AI and IoT disrupt the finance industry and more besides, solutions using those same technologies – RegTech – needs to be implemented.
From increased speed and efficiency, to improved security and reliability. Never before has the opportunity to provide user privacy and control whilst maintaining compliance been possible. A report in 2018 from the US Financial Industry Regulatory Authority (FINRA) discussed potential applications of RegTech and the consequences it could see.
As highlighted in the report, two key areas for RegTech to begin with would naturally be Know Your Customer (KYC) and Anti-Money-Laundering (AML).
Blockpass provides identity verification that covers both KYC and AML regulatory compliance. Users fill out the relevant details and are checked against the required lists and criteria to ensure they are not associated with criminal activity. By having these checks performed through Blockpass, companies using Blockpass’ identity verification solutions do not have to worry about their personal liability in screening applicants, as Blockpass retains professional indemnity insurance.
With the Blockpass technology and approach, verification and onboarding happens almost instantaneously for pre-existing Blockpass users and is usually very rapid for new Blockpass users. In addition, as Blockpass puts users in control of their data and certifications, the solution can be offered at a reduced cost compared to traditional alternatives.
Blockpass offers a multi-product portfolio that allows merchants to choose the scale of solution that applies to each business and jurisdiction. Whether a business wants only Face Match certification, or if they also require KYC, AML or enhanced SLAs, Blockpass is able to offer a full range of identity verification solutions.
Rather than having to fill out the same KYC and AML forms over and over when transacting with other financial companies, users simply have to maintain one up-to-date profile, which is then shareable with anyone in the Blockpass ecosystem for instant onboarding, saving users from repeatedly re-doing and re-submitting the same forms, and saving companies the hassle of checking KYC and waiting on checks.