Tokenbridge, a B2B tokenisation platform, has partnered with financial client data firm The Tracing Group (TTG) to integrate blockchain technology for streamlining its know your client (KYC), anti-money laundering (AML) and client identification processes.
TTG has enlisted Tokenbridge to implement technology facilitating “hyper-personalised tokenisation capabilities”. The tokens would enable TTG to simplify customer onboarding by securely recording personal details via blockchain and streamlining processes like opening bank accounts. This initiative would reduce costs and eliminate the need for customers to repeatedly fill out applications while also assisting banks in efficiently meeting KYC and AML regulations.
Daron Pearce, executive chair of Tokenbridge, said: “Personalisation is no longer a luxury, it’s an expectation. Clients expect banks and managers to offer seamless access to services and financial services businesses want to ensure streamlined and secure processes allowing them to enhance client service and improve operational efficiencies while remaining compliant.”
Danielle Higgins, managing director of TTG, said: “Tokenisation is the natural next step for the financial services industry when it comes to identity, KYC and AML – to stay relevant, firms will need to consider this technology to appeal to a growing digital-native audience and increasingly savvy incumbent clients.”
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