This digital ‘eKYC’ pilot will enable credit unions, insurance companies, and other financial institutions to receive their customers ID and supporting documents in an encrypted digital format through their mobile device. According to Dominican News Online, the solution will eliminate much of the time-consuming aspects of account sign-up processes while still ensuring the institutions operate within the regulatory framework.
ShareRing’s scope includes exploring the potential for credit approvals and identity verification checks from one financial institution to be made available to other similar institutions or third parties.
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