A New Paradigm for KYC Compliance
Know your counterparty ("KYC") is a business process workflow used to identify and verify individuals or organizations to comply with regulatory rules. This process involves a lot of costly and time-consuming manual verification, leading to operational inefficiencies and poor user experience.
Built vertically on top of ProximaX's blockchain-powered digital identity platform named SiriusID, the SiriusKYC app improves KYC workflows through real-time and zero-knowledge proof KYC verification (minimal or no disclosure of personally identifiable information).
Termed "self-sovereign KYC", individuals and organizations can own and control their online digital identity and KYC data, creating a new paradigm for KYC compliance.Introductory Paper
Digital identity ownership
Instantly verifiable KYC claims
Control over KYC data disclosure
Zero-knowledge proof KYC verification
Automated regulatory compliance using Supercontract
Customizable due diligence forms
Screening and facial recognition integration
Generation of regulatory reports
Fast and easy user onboarding
Improved user experience
Identity theft protection
Minimized or no disclosure of personally identfiable information
Increased trust and confidence between transacting parties
Transparency for auditors and regulators
ProximaX’s vision is to drive the mass adoption of blockchain technology by making it easy, accessible, and practical to implement and use. Our blockchain-powered development platform empowers companies and organizations with cutting-edge solutions that emphasize data security, integrity, and reliability while maximizing cost-efficiency.
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