Digital Identity, eKYC Registry
and Regulatory Reporting
When implemented by a network of Financial Institutions, how will Digital Identities powered through STACS technologies offer economic contribution?
Digital Identity (“Digital ID”) is expected to contribute greatly to economic growth worldwide over the next 10 years, an innovation for inclusion by benefitting participants largely while stimulating economic activity for the global market.
Additionally, the reported value attributed to digital identities is estimated to expand by 22% yearly, with economic benefits of close to €330 billion for European businesses and governments by 2020, and nearly twice as much value for consumers – €670 billion. New digital identity models offer users the chance to unlock this value, which will in turn, grow the global economy.
STACS blockchain technology allows for users to create and manage digital identities through the combination of unique identifiers, identity management and encryption.
How Is STACS Blockchain Technology
Solving Pain Points and Creating Opportunities?
Manual corporate governance management could introduce accidental errors, adding difficulties in accuracy maintenance of shareholder ownerships and allocations
Extensive resources spent on
Slow onboarding due to repeated KYC/AML processes within different businesses is costly and detrimental to client satisfaction
At any point of time, having the business registry on the blockchain brings heightened transparency on the end-ownership
- Business E-Identities could be linked to digitised company tokens
- Digital signatures of assets reduces the potential for fraudulent incidents
A shift from end-of-month batch reporting to real-time reporting
- Efficient asset registration empowers financial institutions to more closely monitor the market value of any financial assets held as collateral and to take appropriate action where applicable.
The Digital Identities verify the client’s identities
- To eliminate repeated KYC processes for cost savings and efficiencies
- Digital IDs, stored on-chain, are shared among participating institutions for greater transparency.
How will STACS Blockchain benefit Regulatory Reporting?
STACS Blockchain is equipped to navigate and deploy blockchain-based solutions in the most complex of regulatory environments, by incorporating programmability into workflows to enhance governance and compliance through secure APIs and smart contracts.