User verification and KYC compliance are now only a click away. KYC.LEGAL’s ready-to-use app is now available for download on both iOS and Android devices through the popular digital distribution platforms App Store and Google Play. The first stage of the application (self-verification) is already up and running. The second stage (agent verification) and other app services such as document validation will also soon be accessible. The KYC.LEGAL app allows the identity of users to be established and documented, making it easier for them to quickly register in the future for services that require verification. The project team is much closer than most in the industry to the rollout of a fully-functional application, which will be a watershed moment in Know Your Customer compliance.
“KYC has never been so user-friendly. All you have to do is download the app and enter your information. Once that is complete, you will receive a notification that you have passed the verification procedure. Your information will then be accepted by all kinds of businesses that require KYC compliance such as banks,” says Daniil Rausov, the founder of KYC.LEGAL. “The KYC process is notoriously slow and inefficient. However, it is too important in the fight against money laundering, terrorist financing, and fraud to be abolished. By streamlining the process, our app cuts costs and leads to a better customer experience. As far as functionality is concerned, we have only touched the tip of the iceberg.”
The KYC.LEGAL project is developing a blockchain-based user verification platform to protect and validate personal data and prevent fraud. The key functions of the KYC.LEGAL platform are: digital signature, allowing users to certify any document with their digital signature; user verification through both self-verification and agent verification; and validation of documents, which creates an identifier similar to a passport that grants users various rights and access to various services such as digital notarial, medical, banking, insurance and other services. To implement its vision, the project has recently launched its Initial Token Offering (ICO). The token sale will include the issue of 42 million KYC tokens, 35 million of which will be released for sale at a price of $1 per token.
The application is advantageous for both parties to the user verification process. Its advantages for users include protection of personal information by encryption and biometric data; hosting of data on the user’s device; and the ability to choose the information that is provided to a service. Services receive the benefit of reliable information on users, the elimination of fake or duplicate user profiles, and compliance with KYC requirements.
“Right now, we are witnessing the emergence of a new digital economy. As this economy grows, so does the number of user verification requests,” comments Allan Young, an advisor to the project and founder of the TopLine and Runway technology and business incubators. “While there are many rudimentary technologies and ideas out there, until now there has not been a real, working service like that being offered by KYC.LEGAL. This project is way ahead of the curve, putting it in an enviable position in such an up-and-coming industry.”
One note for those interested. To benefit from the use of all KYC app services, you must be a KYC token holder. The ICO, which started on November 29, 2017, will run until February 1, 2018, or until all the tokens are sold.