Netki Unveils Blockchain Digital IDbr>
California blockchain startup Netki has launched a digital ID service. The new solution is designed to make blockchains safe for a broad range of business and personal use cases, while meeting national and international legal standards.
The new service will be both KYC (Know Your Customer) and AML (Anti-Money Laundering) verified, allowing users to access a variety of blockchain businesses. The solution aims to reduce the risk associated with blockchain transactions while supporting compliance needs for financial institutions, money service businesses, and medical record systems.
The Netki Digital ID Solution enables capture of an individual’s documents and biometrics via their smartphone, along with multiple levels of automated and manual verification –including database checks, machine learning, and biometric analysis. Netki issues certificates for communication between peers using the BIP75 protocol, where identities are exchanged meeting risk and compliance regulations. The solution also streamlines on-boarding of new customers, merchants, and banks hoping to use the process.
The company also announced it is partnering to test its new service with Bitt, a Caribbean-based FinTech company offering mobile wallet and low-fee services for sending and receiving money globally.
Netki IDs are being used with Bitt’s mobile wallet, merchant processor, teller, ATM, debit card, and exchange. Bitt is providing the payment network to interconnect the Caribbean using the blockchain to form the Caribbean Settlement Network.
In a release, Netki said the Caribbean includes more than 7,000 islands, 13 sovereign island nations, and 12 dependent territories, many employing their own financial systems and currencies. As the region struggles with low growth, de-risking effects, and compliance costs, a central bank digital currency holds promise.
“Bitt joined forces with Netki as part of our ongoing initiative to bolster compliance efforts and provide an effective means for all people, including underbanked individuals to engage in the global economy through digital payments that are low cost, secure, easy to use and highly efficient,” said Bitt CEO Gabriel Abed.
“Correspondent banks have de-risked some local Caribbean banks based on perceived higher risk and lower returns,” said Bitt president Oliver Gale. “This prevents these local Caribbean banks from having access to foreign markets and also hurts merchants and customers who are unable to access foreign banks and financial institutions.”
“For new innovation, inclusion and value creation to happen on the blockchain, financial institutions must meet risk and compliance regulations, which Netki provides through its Digital Identity Service,” said Netki CEO Justin Newton. “With a digital identity standard in place, financial institutions can realize the benefits of blockchain, expand their service offerings and market coverage.”