Globally, KYC suffers from lack of digitization and data silos. Customers have several business relationships requiring KYC, and institutions perform KYC on customers that have already been validated by their peers. There is duplication of efforts both on the customer and institution side, leading to higher costs, increased frustration, and regulatory lapses. Norbloc’s platforms cover the whole KYC lifecycle from data collection, management, and validation via our digital onboarding platform Sancus, to data sharing and monetization via the blockchain-based Atlas and Fides platforms. Sancus removes the challenge of required physical presence at customer onboarding by digitizing the journey, giving the customer control of their data to manage it themselves without having to physically go to a branch. The platform is tailored to specific needs, offering a choice of third-party service integrations, and integrating a configurable and flexible workflow system into existing infrastructures. Furthermore, by capitalizing on untapped trust-based service, and using norbloc’s blockchain-based platforms, Atlas or Fides, banks can alleviate the pain of compliance. Norbloc can help banks turn the KYC burden into profit by connecting silos and allowing customers to provide their data only once, irrespective of multiple banking relations, by leveraging attestation stamps provided for by peer institutions. Atlas is a data sharing platform which empowers institutions to break down internal data silos and eliminate inefficiencies caused by duplication of efforts. It is used in cases where an organization operates globally, or where different departments require confidentiality regarding customer data.
The decentralized platform, Fides, facilitates secure KYC data sharing across a network of institutions, where institutions validate and provide attestations to KYC documents. The customer retains control of their data via a customer portal, from which they manage access and exercise their “right to be forgotten” in line with data privacy regulations.
Revolutionizing KYC data sharing
norbloc is the first and only company globally to have successfully implemented a blockchain-based data sharing platform at scale with large international financial institutions. As such, norbloc is a pioneer in the field of KYC data sharing and uniquely positioned. There have been efforts in the past to replicate norbloc’s Fides platforms, however those have stalled in pilot or PoC phases. Nevertheless, even though companies focusing purely on our area of expertise are not in production, large professional services companies, e.g., Deloitte, Cap Gemini etc. are experimenting with solutions similar to ours and may in the future provide competition in the field. However, for the time being, the norbloc team remains uniquely positioned. The expertise of the team is derived on the one hand from the deep knowledge of the financial services sector while on the other hand this is while supported by a technical team with lengthy experience in both blockchain technology as well as technical implementations in financial institutions. The team has firsthand experience with taking such a project through production, implementation and go live. Norbloc has zero turn-over of clients as we efficiently and effectively communicate with our clients on a daily basis, listening to any suggestions or aspirations they have for the network, which are then implemented into the platforms by our tech-team. As a result, platform participants have expressed their satisfaction with the ecosystem and their gratitude for the support that norbloc has and continues to provide, helping to bring the UAE Blockchain Project to fruition. Norbloc’s platforms have been singled out by Moody’s Credit Rating Agency as being credit positive for the country of operation. In 2018, 2019 and 2022, norbloc has been selected in the global RegTech 100 list and has been recognized internationally as one of the most innovative companies in the field by McKinsey and Google. Most recently, norbloc has been singled out by the Monetary Authority of Singapore at the Singapore Fintech Festival 2022 winning the Web 3.0 Global Fintech Hackcelerator Award as a digital onboarding and KYC/KYB solution provider.
Creating momentum for a better tomorrow
norbloc is redefining how customer data is handled and shared by leveraging innovative technologies to solve KYC problems faced by financial institutions all over the world. The benefits from application of its platforms derive from enabling increased data security and mitigation of systemic risk by placing data control in the customer’s hands and ensuring a “Single Version of Truth” per customer file across banks. All the platforms are customer-centric and are in compliance with the GDPR and the 5th and 6th AML Directives. The customers that have relationships with banks and financial institutions that have implemented norbloc solutions are empowered to take control of their personal data by managing the data that they upload to the Customer Portal and controlling access. The customer file is only shared from one bank to another if the customer has given their explicit and informed consent. In this way customer empowerment, data privacy and protection are made central to norbloc’s platforms. Most importantly, data is only provided or updated once irrespective of the number of counterparties a customer has. Financial institutions benefit from significantly lower compliance costs but also from the unique opportunity to monetize on their attestations of customer data. Regulators benefit from more transparent compliance as well as more standardized processes and KYC efforts across the financial sector. Additionally, the ease of onboarding new customers, especially corporate customers, means that new companies can begin working very quickly and reap the benefits at a faster pace. This has as a result the increase of investment in the region and when it occurs on a larger scale is able to create momentum in the region pushing it towards becoming a hub for new companies and investments.