Identity verification platform Persona has rolled out Persona Connect, a solution that allows organisations to share and reuse verified identity and business data across their ecosystems.
Announced at Money20/20 USA, Persona Connect is set to serve as the rails for PII and KYC data exchange, focusing on minimising complexity for users, facilitating growth for companies, and supporting compliance teams in meeting regulatory requirements.
The decision to launch Persona Connect comes amid a fragmented identity verification landscape, where individuals face redundant checks on every new service they are using, businesses witness less growth due to duplicative processes, and regulators are concerned about systemic risks when data is not shared securely. According to FinCEN’s guidance, financial institutions should depend on each other’s information to mitigate fraud and solidify Anti-Money Laundering (AML) oversight.
Persona Connect: offering and capabilities
Considering this, Persona developed Connect, which provides organisations with the ability to create their own secure, consent-driven networks for sharing verified KYC and KYB data. The solution can be used regardless of whether they are crypto partners, they are operating across marketplaces, or it is between crypto and traditional finance. The solution requires end-users to explicitly opt in, with consent and control being a fundamental part of every exchange.
Persona Connect allows every organisation to design and operate its own data-sharing network, with them being able to choose what they want to share, when to reverify, and how to request underlying records. Additionally, by mitigating the need for duplicate identity checks, which leads to high abandonment rates from users going through the KYC flow, the solution increases trust across ecosystems and sets the foundation for expanded collaboration, such as the exchange of fraud signals, which, as detailed by Persona, is in early access.
With Connect, organisations are set to be able to:
- Optimise the onboarding process by enabling users to reuse verified information or prefill data across platforms;
- Choose standards for sharing and reverifying identity data across industries;
- Eliminate duplicate checks and decrease compliance complexity;
- Prepare for audits by facilitating access to underlying records when required while also maintaining privacy and trust.
Scaling security for the crypto industry
According to Persona, the crypto sector has been among the earliest and most visible spaces for collaborative identity, with the company partnering with organisations such as Strike, BitGo, Bridge, Stellar, and Ripple to support them in improving the user experience while staying compliant with regulation.
Through Connect, these companies can boost the efficiency and accessibility of the onboarding process without neglecting regulatory compliance. Persona mentions that BitGo and CoinFlow will be among the first companies to adopt Connect.
