iComply Launches iComplyID, Blockchain Powered Portable Identity and KYC

iComplyID is a zero-knowledge proof, legal-entity identifier.

Vancouver, B.C. – iComply (iComply Investor Services Inc.) is announcing the launch of iComplyID, which acts as a portable KYC (“know your customer”) solution for digital identity management in financial services and government applications. iComplyID significantly enhances cybersecurity and privacy for individuals while reducing the costs of compliance with anti-money laundering (AML), anti-terrorist financing (ATF) regulations, and national identity programs.

iComply is a RegTech software company focused on creating enterprise solutions that reduce the burden of financial, regulatory, and compliance requirements by synchronizing country by country legislation. Last month, the company released the world’s first automated compliance protocol, “Prefacto,” for securities regulation to enable token issuers, security token platforms, licensed stock exchanges and investors to launch and trade blockchain coins or smart contract tokens in compliance with global securities, identity, and privacy regulations.

“Our focus is to demonstrate how, when used appropriately, tools like blockchain, machine learning, and biometrics can serve to enhance integrity, transparency and security in capital markets. We are empowering organizations and individuals by enabling them to utilize the internet of value safely,” said Matthew Unger, CEO and Founder of iComply.

Recently, the banking industry has seen the trend of ‘platformization,’ where financial institutions move away from proprietary legacy solutions and have started to embrace shared resources.

ATMs for example, are owned by individual banks, but rely on administrative entities like VISA to manage inter-bank processes. Conversely, blockchain enables the decentralization of data for frictionless cooperation between entities in a network without intermediaries.

Recently, the Bank of Canada and the Monetary Authority of Singapore announced a program to leverage blockchain for interbank settlement and reconciliation. This reduces the time and cost of these processes, which is one of the features driving the increasing popularity of platforms and decentralized infrastructure.

Trust in intermediary organizations has faltered in recent years, with the Equifax security breach leaving the personal data of 143 million customers vulnerable.

“2017 was the year of the ICO with over 1,200 issued from Canada and the USA alone, and nearly 260 out of Singapore. Issuers in 2018 are taking a new approach, abandoning the fast and loose SAFT offerings to set up compliant securities offerings that simply happen to use blockchain to manage their holders of record. and even working with regulators preemptively. To scale globally, financial institutions need a secure, scalable, and compliant solution to manage investor identity verification, know your client, anti-money laundering, and real time source of funds monitoring. iComplyID is the only turnkey ID/KYC solution in the world that meets these requirements while protecting the privacy and consent of the user.” added Unger.

Looking for financial grade KYC and AML in an enterprise ready API?

iComply offers global screening for humans, corporations, and blockchain transactions in a single REST API.

Book a demo with one of our specialists to learn more.