IBM has announced a blockchain project with Singapore fintech start-up KYCK! to help the enterprise in complying with Know Your Customer (KYC) requirements. This project will reduce the time and expense required to on-board new clients and enable KYCK! to on-board their customers in a secure environment.
“We were fortunate to have found a partner in IBM with the right capabilities to enable us to apply our financial industry know-how and bring our ideas to life.” Darryl Tan, Co-Founder, KYCK! said.
“We have seen blockchain working with the IBM Bluemix Garage and are hopeful that financial institutions will see an improvement in their current customer on-boarding processes and the overall customer” he added.
KYCK! is a start-up that focuses on improving the client on-boarding process and providing them a secure environment and appropriate technology capabilities.
It aims to provide a platform to the brokerages for the safe on-boarding of new customers with the tools like video conferencing and encrypted document submission capabilities. It provides an enhanced identification validation through a trusted blockchain based business network. This will led banks and financial institutions to work in an effective manner.
The IBM Blockchain based solution is secured by the IBM High-Security Business network (HSBN) delivered via Bluemix. It is the IBM’s cloud platform that permits KYCK! to protect sensitive data against unauthorized access and tampering. It will be working with the IBM Bluemix Garage in Singapore to design and test the new solution to be built on the Hyperledger Project Fabric.
According to Alan Lim, Practice Lead, IBM Blockchain & Bluemix Garage, ASEAN, Blockchain is a technology that establishes accountability and transparency while streamlining business processes.
“We have the privilege of working with the start-up community and the wider ecosystem to realize some of these ideas, and we are excited to see the impact of their work in their community and industry”.
The IBM Bluemix Garages serve as hubs for developers, product managers and designers to design and develop applications on Bluemix.