Trunomi has partnered with Shyft, a blockchain-based digital ID solution for Know Your Customer (KYC) and Anti Money Laundering (AML) compliance.
The consent framework and data rights management solution said they plan to leverage Shyft’s technology with Trunomi’s expertise in consumer consent frameworks to implement an ‘innovative e-ID (electronic ID) network’.
It will initially be launched in Bermuda and then expanded to a growing list of nation states and Fortune 500 companies who are signing up to join the network.
The e-ID framework will enable companies and individuals to conduct business globally and empower individuals to share personal data cross-border more easily, while adhering to the strictest KYC/AML and Anti-Terrorist Financing (ATF) compliance rules and procedures.
“Trunomi’s immutable consent framework and data rights management technology is an integral part of our global ID and KYC vision by enabling privacy by design and proving accountability in data use and full transparency and interoperability across multiple markets and systems,” Bruce Silcoff, CEO of Shyft says.
“Global data privacy laws now firmly put the customer in control of the relationship and ultimately their own data and identity, which can only be shared with the consent of the consumer, for a specific purpose and they need to be able to easily revoke this consent.”
Trunomi provides consent and data rights management technologies that allow data privacy compliant sharing of personal data and identity information between businesses and their customers enabling them to request, record and immutably prove customer consent to the use of their personal data.
Its advanced distributed ledger captures consent in real time, generating auditable and immutable consent receipts (TruCerts), that allow data rights to be integrated across enterprise systems using the Trunomi Data Rights building blocks (APIs).
TruCerts can be shared or made accessible to complete tasks such as customer account opening, onboarding, KYC/AML, data sharing. It does this all in compliance with the strictest global regulations, including the EU General Data Protection Regulation (GDPR).
In February, Shyft launched an open and unified blockchain framework for the standardisation of regulatory, compliance, and due diligence mandates for KYC and AML. The Shyft Network’s blockchain-based system enables users to securely obtain, store, inquire into, and work with compliance-satisfying data, in a bid to reduce costs and increase effectiveness.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
