The ProximaX platform, powered by blockchain, with its distributed and decentralised database, storage and streaming layers, provides improved security and privacy for storing and managing sensitive identity records compared to traditional centralised architectures, and at a substantial reduction in cost. Our platform offers the opportunity for an advanced permission-based access to identity records, enabling greater control and ownership over personal data. Deployed together is the encryption technology which further protects the integrity of all data utilising ProximaX KYC.
We can migrate your existing application to its very own private ProximaX network. You need minimal knowledge of blockchain technology, as it is completely driven by a service layer with good SDK support, and a web-service architecture.
Zero-downtime and prevent data loss, with the ability to create digital identities.
Ability to share KYC records on a permission-basis with your industry counterparts
Stand out and rise above the competition by adding the benefits of blockchain technology to your solution.
Secure enterprise record-keeping; a cost-effective replacement to legacy systems
As well as providing a platform for integration with existing third-party applications, we have built our own counterparty onboarding app ready for commercial use.
Simple and Intuitive
The KYC App can be quickly customised to meet your KYC requirements. Easily add in new fields and tailor user upload requests.
Fast Processing Time
Collect KYC from your counterparties, perform your due diligence checks, escalate when needed, approve or reject.
Choose from our available list of service providers the RegTech that you need which includes screening, facial recognition, optical character recognition, credit checks, blockchain forensics analytics, and much more.
Securely manage who can access your KYC records, track how long they have access for, and permanently delete your records following the expiry date of the data retention period.
For Version 2
Central to any KYC application is the way the KYC data is managed. In the scenario that a customer is uploading a passport copy, the file is sharded (a process to break up KYC data) and each piece is encrypted and stored into multiple and distributed nodes.
To re-assemble and grant access to onboarding teams, the customer uses a private key (similar to a password). The beauty of ProximaX KYC is that when one node becomes unavailable, the next nearest available node will instantaneously take its place, thus ensuring zero-downtime.
Privacy is maintained through pseudonymisation by using a combination of a public key (concealing the individual’s identity) and a cryptographically unique hash for the KYC file (akin to fingerprint).
The blockchain at the core is used as a secure and incorruptible index to locate and manage KYC data. A distributed file management system and a distributed database are used to store the KYC data.
Although blockchain technology has the ability to realise the underlining objectives laid out in the GDPR (EU General Data Protection Regulation), current European law classifies encrypted and hashed data, as well as public keys, as personal data. By default, blockchain technology stores these as an immutable record; they cannot be deleted. For this reason, we have available a GDPR-compliant hybrid architecture, which is a distributed file management system linked together with a MongoDB database to do the job.
ProximaX KYC is an app built on ProximaX Sirius, an Integrated and Distributed Ledger Technology (IaDLT).
The peer-to-peer and distributed nature of the solution makes ProximaX KYC a highly sophisticated solution that leverages upon an agglomeration of proven technologies using Blockchain-Storage-Streaming-Database System-Consensus components.
The dynamics within ProximaX KYC has in itself an expansive utility for market adoption that is flexible and can be used for other applications that are not strictly KYC per se, such as user data gathering and registration, and identity management.
ProximaX KYC can assist your staff with performing their due diligence checks efficiently, securely, and in a cost-effective manner, whether it is for verifying identity or ascertaining source of wealth.
The app is available as a white-label product, meaning it can be rebranded to make it appear as your own, and integrated as an add-on feature to your existing application. Its inbuilt form-builder and APIs for third-party RegTech integration means it can be easily and quickly customised for cross-industry use.
Secure onboarding has never been made so cost efficient and easy. Get in touch with us now at email@example.com or by completing the below form.
Proximax is a next generation platform solution with an Integrated and Distributed Ledger Technology (IADLT). The ProximaX Platform is an integrated assembly of proven technologies for enterprises to develop applications with superior design while substantially reducing the total cost of ownership and time to market.