/biz/ - Business & Finance

>>54281604
“Integrating Everest’s identity verification and eKYC services with our FCCM platform augments our expanding partner ecosystem and enables better KYC effectiveness for our global customer base. We are enabling our customers and financial institutions with the capabilities needed to remotely onboard customers across multiple jurisdictions, especially during the ongoing pandemic,”
>said John Edison, vice president and head of Financial Crime and Compliance Management Products, Oracle Financial Services.
If anyone doesn't think this is important they are sadly mistaken... when Bob mentions how Banks are not going to take these "pop-up overnight" DID / KYC solutions he's right... These banks are subject to strict regulation and have obligations for customer due diligence, kyc, data retention (compliant with GDPR) over a time period, Jurisdictional money laws, filtering, constant checks across PEP, CFT, AML and other lists that must stay current... (not a check once and done style kyc because these lists change).

again this isn't possible to do cleanly, securely or wholly -- without utilizing the way Everest's is structured.... There's a reason why Everest built out multiple chains each with their respective purposes (Identity chain, Transaction chain, and hub).

>FCCM
FCCM is an important and underrated compontent of the financial industry.

Check the size of fines that banks & FIs face when not following proper KYC/AML & other checks... Actual banks are being hit consistently with fines. DeFi is not exempt. & other DID/KYC solutions are going to have to comply to the above needs.. and to do that other DID solutions will ultimately integrate Everest due to:
A) not wanting to be responsible for holding the data on-chain

B) not even having the proper sybil-resistant methods for creating human & unique (it isn't social media)

C) Not have full on-off ramp liquidity access

D) Not having the proper compliant architecture which is reliant on A, B, & C

>>52288801