Publication: KYC Optimization Using Distributed Ledger Technology
KYC Optimization Using Distributed Ledger Technology
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Parra Moyano, J., & Ross, O. (2017). KYC Optimization Using Distributed Ledger Technology. Business & Information Systems Engineering, 59(6), 411–423. https://doi.org/10.1007/s12599-017-0504-2
Abstract
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The know-your-customer (KYC) due diligence process is outdated and generates costs of up to USD 500 million per year per bank. The authors propose a new system, based on distributed ledger technology (DLT), that reduces the costs of the core KYC verification process for financial institutions and improves the customer experience. In the proposed system, the core KYC verification process is only conducted once for each customer, regardless of the number of financial institutions with which that customer intends to work. Thanks to DLT,
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- Parra Moyano, José
- Ross, Omri
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Citations
Parra Moyano, J., & Ross, O. (2017). KYC Optimization Using Distributed Ledger Technology. Business & Information Systems Engineering, 59(6), 411–423. https://doi.org/10.1007/s12599-017-0504-2
