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Key Takeaways
Reusable KYC drastically reduces operational costs while enhancing user experience and regulatory compliance.
Didit offers free, unlimited KYC services with optional AML screening, revolutionizing identity verification.
Reusable KYC has diverse applications across industries, from finance to tourism, streamlining processes and improving security.
Implementing reusable KYC positions businesses at the forefront of digital identity innovation, preparing them for future opportunities.
Today, companies spend an average of $60 million on KYC compliance processes. But what if we told you there's a way to drastically reduce these operational costs? We're talking about reusable KYC, an efficient and secure solution that more and more companies worldwide are adopting every day.
This innovative advancement allows for streamlined onboarding of new customers, improved user experience, and ensured regulatory compliance. It's the power offered by reusable verified credentials.
In sectors such as finance, identity verification (KYC) and anti-money laundering (AML) processes are critical. However, from the users' perspective, they can be real headaches. In this situation, reusable KYC emerges as an efficient and secure alternative to traditional verification processes.
Through a single verification process, verified credentials are securely stored to be shared later with other trusted entities. This way, companies adopting these new systems can leverage the full potential of this technology. A development that improves security and regulatory compliance, and reinforces the urgent need for people to enjoy a solid, robust, and reliable digital identity.
Reusable KYC is an identity verification process where a person's credentials, once verified, can be securely stored and shared with other trusted entities. This means that users don't need to go through the identity verification process (KYC) every time they want to access a new service or platform.
For companies, it also means a reduction in their processes: instead of performing multiple KYC verifications, organizations can rely on previously verified and validated credentials by other trusted entities. These credentials include information such as name, address, date of birth, identity documents, and are only shared with the explicit consent of the user.
This new way of verifying users through reusable KYC offers numerous benefits compared to traditional KYC processes. For example:
Didit is a digital identity solution that offers companies a reusable KYC service. It works through a unique identity process, followed by secure storage of verified credentials and their subsequent sharing among trusted entities. As we've seen earlier, one of the main benefits is that it allows people to verify their identity once and reuse these credentials across multiple services, simplifying the onboarding process and improving security.
The process begins when a user performs an initial identity verification with Didit (through the Didit App or an external provider). This verification involves:
Once the identity verification is complete, a set of verified credentials representing that person's digital identity is generated.
Verified credentials are securely stored, using encryption and data protection technologies. These credentials are stored in a standardized format, such as Verifiable Credentials (VC), which allows for their portability and independent verification. The best part? The user maintains control over their credentials through an identity wallet, such as the Didit App.
When a user needs to verify their identity with a new service, they can selectively share their verified credentials. This is how the process works:
If you have any more questions about how our reusable KYC solution works, you can check this section in our technical documentation.
This new reusable KYC approach can transform the way companies identify their customers' identities across different industries. Here are some of the most concrete use cases within different industries:
These use cases are just the tip of the iceberg in terms of the potential of reusable KYC. As more industries adopt this technology, innovative applications that we haven't yet imagined are likely to emerge. The key lies in collaboration between sectors and the creation of a robust and reliable digital identity ecosystem. Companies that get ahead in adopting reusable KYC will not only improve their current processes but will also be better positioned to take advantage of future opportunities in the digital economy.
Reusable KYC is destined to become the industry standard for identity verification. This technology not only improves user experience but also strengthens security and ensures regulatory compliance more efficiently. For companies, this translates into more agile processes, reduced operational costs, and greater customer satisfaction.
At Didit, we understand the importance of robust and accessible identity verification. That's why we offer a reusable KYC service that goes beyond traditional solutions. Our commitment to security and accessibility has led us to offer free, unlimited, and forever KYC to all companies, with the additional option of AML screening.
Why do we do it? Because we firmly believe that in an era marked by identity fraud, deepfakes, and generative artificial intelligence, verifying people's identity and humanity should not incur a cost for companies. Our mission is to create a safer and more reliable digital ecosystem for everyone. You can read more about our motivation here.
Are you ready to take your organization's identity verification to the next level? Click on the banner below to discover how our reusable KYC solution and free identity verification can transform your processes and protect your customers. Implement the future of identity verification today with Didit.
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