Top 3 Blockchain Technologies Poised to Save Businesses Time and Money on KYC

By Caleb Simmons on December 4, 2020 20:42

Published on September 28, 2018 09:00 by NullTX

The costs of complying with due diligence processes like KYC (Know Your Customer) and AML (anti-money laundering) are rising. With financial firms regularly spending 8.4x their average compliance costs on KYC amidst growing client complaints about poor KYC experiences, KYC is becoming a growing balance sheet and relationship management liability. Businesses can benefit from investments in blockchain technology, which underpins cryptocurrencies like Bitcoin, to accelerate and distribute KYC compliance operations across shared financial institutions through greater transparency, verifiability, and consensus. It is best that they know their options before making any such investments, though. Below is an overview of the top blockchain solutions that are poised to save businesses time and money on KYC.
  • This website is merely a (crypto) information aggregator. All of the information, data, charts and any other content on this website (”Content”) is the sole responsibility of the party from whom the Content originated. The views expressed in the Content is not our view or opinion, but that of the original source of the Content. This website does not offer any investment advice, financial advice and/or trading advice and you should not treat anything stated on this website as such. Please do your own research and due diligence on the matters stated on this website and consult your financial advisor for any investment activities.