- Products and Platforms
- Quartz™ - The Smart Ledgers™
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Challenge
KYC regulations are increasingly becoming critical issues for organizations globally and it is estimated that millions are spent each year on KYC related procedures alone. Existing KYC processes are lengthy and complex, affording little transparency on how data is collected. Further, the secure authentication of customer identification data and the need to protect it from unauthorized and fraudulent usage add to the challenges faced by firms worldwide. What institutions are looking for is a single and integrated solution catering to multiple regulatory requirements and stakeholder needs.
Solution
The KYC solution from Quartz is a pan-enterprise e-KYC platform that offers organizations a comprehensive view of all client relationships spanning multiple business lines, enabling intelligent and informed decision-making. TCS has invested in future proofing our KYC solution through integration with blockchain technology and enabling organizations to leverage the power of ecosystems. This strategy is designed to bring in efficiencies for the organizations and enhance the end customer experience significantly. The solution utilizes a private permissioned blockchain to record and provide KYC compliance information to authorized entities based on customer consent. The solution is designed to simplify the end-to-end KYC process, standardize and streamline data collection for efficient and rapid customer onboarding, periodic reviews, remediation and lifecycle management. It caters to the KYC requirements of institutions across multiple industries and is designed as a combination of off-chain and blockchain-based (on-chain) services.
Benefits: