Personal identification is a major task for nearly every organization from government agencies, customs, state property registers, to private services: banks, insurance companies, car rentals, airlines, hotels.
The Worldwide Digital Identification Association (WDIA) joins forces of numerous professional from around the globe to address this issue and to create a unified and promptly structured technological solution.
To these days, verification still requires a lot of mechanical and paperwork. Various specialist from compliance, accounting and client service departments spend millions of hours processing same documents following non-standardized procedures. WDIA aims to create a completely new organization of identification, KYC/AML checks and personal data transition and storage. All major audiences can benefit from participation in the initiative.
Regulators and government institutions
Multiple threats that vary from terrorism to trafficking and money laundering forced state watchdogs to create a complicated system of checks and control procedures. There is no universal approach to these issues, despite many coordination efforts on government level. WDIA intends to create an ongoing communication and discussion framework to bring together specialists in Personal Identification, Cryptography and Information Technologies from different countries and international organizations.
Financial technologies are experiencing explosive development, and new banks and fintech projects are eating up chunks of the market. Traditional players need to get more flexible to protect their client base. It is of great importance to have these innovations balanced with sufficient safety, risk controls and quality of services. The answer are technologies that will help save millions of dollars on compliance, KYC and AML procedures and further data processing and storage.
As of today, there is no product in the market that could both match current regulative standards and be small enough burden for the small enterprise’s budget. WDIA universal open-type solutions open a whole new window of opportunities by allowing fintech players access to millions of people who can become new clients in one click as they are already carefully vetted. This significantly cuts any organization’s KYC/AML and compliance costs.
Audit and legal
KYC/AML and compliance includes collecting, processing, transmitting and storing of personal data, and this sector is of great importance to many segments of the economy. The answer to this problem is a mixture of IT, cryptographic technologies and legal developments. The Association’s dedicated expert boards seeks respective experts to join and have access the knowledge base within.
Notary and advocates
Forms and questionnaires are filled on PCs, yet everything is still very manual, and clients spend hours in queues and waiting while their documents are processed. There are modern one click solutions available that allow full scale verification with no vulnerabilities and compromises. Not only this saves many hours of office human work but also positions service providers adopting them way ahead of the competition by creating unbeatable advantages.
Hotels and airlines, rental services
It is possible to have no queues on the reception by merging experience of tech, legal and GR professionals from all over the world to with a GDPR friendly opportunity. Registration and boarding new client becomes fast and easy.
KYC/AML and clients onboarding leads to monitoring transactions, hiring costly personnel turning compliance into a daily painful routing. And once there are difficulties with specific clients or documents, the outcome is — slowdown of business and burning of marketing budgets. This can be replaced by a smooth and fast solution that helps onboard clients within 3-4 seconds max running in compliance with regulatory requirements.
WDIA approach opens an additional pipeline of clients, prepared with ready digital certificates to verify on hands. There is no need to adjust the operator’s current identification and checking procedures, the only move is to service more clients the Association provides — and booking more profits.
Blockchain and professional associations
KYC/AML procedures are cornerstone that stands between the world of blockchain and the traditional fiduciary world. Noone managed to develop a universal solution in this field, and nobody imposes any notable efforts in creating a centralized technology or procedure of that kind. This is one of the most serious limitations for fintech and blockchain development and adoption.