cheqd

In a groundbreaking partnership, FinClusive, cheqd, and Verida have unveiled a revolutionary KYC/KYB digital credential solution, marking a significant leap forward in the modernization of client onboarding and monitoring processes across traditional and decentralized financial services globally.Stemming from a <a href="https://medium.com/&#64;finclusive/verida-and-finclusive-bring-private-verified-identity-to-web3-and-defi-ef9ffac656fc" rel="noopener noreferrer nofollow">successful Proof of Concept (PoC)</a> between Verida and FinClusive in 2022, the partners are proud to announce the launch of an end-to-end solution for reusable and verifiable KYC and KYB credentials. This innovative solution aims to streamline client onboarding, reduce associated costs, enhance operational efficiency, and ensure compliance with evolving regulatory requirements in both traditional and alternative financial services.The collaborative effort expands to include <a href="https://cheqd.io/" rel="noopener noreferrer nofollow">cheqd</a>, providing the essential infrastructure for credential issuance, verification, suspension, and revocation. With this robust partnership, the trio seeks to scale the application and empower financial services of all kinds to expedite client onboarding, while preserving portability and privacy controls for clients.<h2 id="header-0">Ensuring Full Regulatory Compliance and Interoperability</h2>Organizations adopting this solution can anticipate significant cost savings, with KYC and KYB verification costs potentially reduced by a factor of 10. The streamlined customer experience not only reduces drop-off rates during onboarding but also minimizes manual verifications through instantaneous and trusted checks.Importantly, the solution ensures full regulatory compliance, covering customer onboarding, KYC/KYB, background due diligence, and real-time AML checks, risk scoring, and background screenings. Furthermore, the solution offers interoperability, allowing seamless compatibility with other organizations issuing or accepting digital credentials. This flexibility fosters a growing ecosystem without imposing vendor lock-in.Enhanced privacy is a key feature, empowering customers to hold their credentials in a self-custodied wallet, providing explicit consent for sharing and protecting sensitive personal and financial information. Scheduled for rollout in Q1 2024, the partners aim to deliver the first verifiable credentials for KYC and KYB, promising to streamline onboarding processes for both web2 and Web3 financial services.Addressing prevailing market challenges, the verifiable KYC/KYB solution tackles high costs, complex compliance requirements, and time inefficiencies in identity assurance. Amit Sharma, CEO of FinClusive, highlighted the solution’s potential to set an industry benchmark for regulatory-compliant digital credential applications.He remarked, “Integrating the cheqd network into the Verida Wallet to allow users to store and share their FinClusive credentials sets an industry benchmark for a regulatory-compliant digital credential application and introduces a more efficient model for the traditional finance sector.”<h2 id="header-1">Setting New Standards Across Industries</h2>This feature-rich solution offers identity verification coverage in over 170 countries, coupled with digital credential issuance, storage, and backup capabilities. Real-time suspension and revocation checks meet the needs of both traditional and decentralized financial institutions.Extending its applicability across various sectors, the solution proves beneficial for financial services, Web3, eCommerce, government services, age restrictions, and cross-border transactions. Its flexibility allows seamless integration into diverse industry scenarios, promising a more efficient market for identity verification.The collaboration between Verida, cheqd, and FinClusive signifies a truly global effort, adhering to industry best practices while providing a streamlined and efficient model for the traditional finance sector. Chris Were, CEO at Verida, expresses excitement about the successful integration of cheqd into the Verida Wallet, highlighting its potential for global use cases.He said, “This successful proof of concept is a showcase of what industry standard best practice looks like for regulatory compliant credential activities, while also demonstrating a more streamlined and efficient model for the traditional finance sector. We are incredibly excited to continue working with FinClusive and cheqd to roll this technology out across the wide range of global use cases.”The collaboration aims to roll out the technology across a wide range of industries, setting new standards for regulatory-compliant credential activities. In essence, this collaborative effort signifies a pivotal moment in the evolution of KYC/KYB processes, offering a standardized, efficient, and privacy-focused solution for organizations worldwide.

FinClusive, cheqd, and Verida Join Forces to Unveil Revolutionary KYC/KYB Digital Credential Solution

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