Shared-KYC for banks, likely by year-end
View(s):Shared Know Your Customer for the banks is set to launch by year-end in Sri Lanka, a digital process where individuals’ identities are verified and shared amongst banks for business transactions.
“The government has presented it to the banks, and we are awaiting their response. The target is to complete and launch it by year-end,” a Central Bank official told The Sunday Times Business on Tuesday. However, he said that certain modalities have to be fine-tuned in the process.
This collaborative KYC data sharing aims to create a more rationalised and interconnected future for the financial industry, with a user-friendly method that encourages consumers to adopt digital financial services, increasing financial inclusion. A central platform manages verified KYC data, allowing financial institutions to verify customer identities and share information securely, requiring proper consent.
The Central Bank selected three applicants in 2020 to develop the Proof of Concepts (POCs), which were tested by the Central Bank and 10 commercial banks. The POC deployment and testing phase was completed in June 2021. The project aimed to assess the potential of Blockchain Technology to improve customer experience, lower operational costs, and reduce operational risk.
The successful completion of the Blockchain Technology-based Shared KYC POC signifies an important step in Sri Lanka’s journey towards digitalisation and increased access to financial services.
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