Maximising the benefits of knowing your customer

The concept of Know Your Customer (KYC) is, today, well-understood: it is, essentially, a standard due diligence process used by financial institutions to gather background information on prospective customers. As well as being a legal and regulatory requirement, KYC is a good business practice, allowing institutions to authenticate customer IDs and reduce risk. But, simple though KYC may be in principle, it can present difficulties in practice. This is because, today, each system gathers its own data, and cannot re-use information already collected by other systems. For customers, this means the frustration of having to repeat processes; for institutions, it creates duplication of data, which may not even reconcile. While some systems are turning to DLT to resolve this issue, there is still fragmentation, and it can be impossible to uniquely identify customers.


With Overledger OS, these issues are removed at source. This is because Overledger can connect disparate DLT and other “Open Banking” based data stores, to provide a single view of customers. It can also allow institutions to share KYC data, by tracking individual identities across connected platforms.


There are many benefits of this. By removing much of the friction from the product application process, for example, institutions can acquire customers more quickly and easily than their competitors. And consumers gain, too – from faster, easier access to better deals, and lower barriers to switching products. Overledger OS also allows older institutions to compete, in terms of customer experience, with neobanks and fintechs, helping to protect their market share.

Automating complex processes and enabling choice for stakeholders
Streamlining commodity flow across the world
Bringing trade finance into the digital age
Creating a new global energy ecosystem
Treaty Contracts: Connecting Central Bank Digital Currencies
Modernising information exchange for utility companies
Improving the efficiency and management of clinical trials
Improving the safety of medicine
Increasing business efficiency in agriculture
Delivering an improved model for financial reporting
Enabling a new generation of agri-food supply chains
Maximising the benefits of knowing your customer
Reducing seafood fraud with more transparent and traceable supply chains
Unlocking the potential of stablecoin for commercial banks
Enabling open access to CBDCs for the first time
Facilitating a global ecosystem for digital assets
Making supply chains more transparent, traceable and trustworthy