Natively Supported Operating Modes
Why is ParallelChain® necessary for KYC?
ParallelChain® completes the functionality of eKYC-Chain by ensuring safe and proper handling of data collected from the verification process. In addition to the fact that all data are stored immutably on ParallelChain® , each and every access to the data is also tracked and recorded, effectively detering insiders from leaking or misusing the data. ParallelChain® also uniquely addresses any concerns of privacy by allowing certain data to be permanently removed upon request, making it the only blockchain available today that helps organisations comply with the highest standards of data protection laws, including the EU's GDPR.
Advantages
Instant Selfie-to-Photo ID Matching
Anti-spoofing facial recognition that matches and verifies user’s live selfie to their photo ID in real time
Spoof-proof Physical-digital Identity
Reliable face verification with spoofing detection that pre-empts identity fraud and establishes a link between the physical and digital identity
Duplicate Record Detection
Data is automatically checked for duplicates right when a user provides it. Suspicious accounts that call for investigation are easily identified
Trustworthy Verification
Designed to aid processes that involve identity verification – from internal business procedures to regulatory compliances such as KYC and AML
Data Protection Compliance
Most organizations are expected to abide by the EU’s GDPR and other data protection regulations, all which eKYC-Chain is fully compliant with
Effective Fraud Risk Alert
Via tracking and analysing the time stamps and location of submission
Web + Mobile Portal
Supports multiple pre-defined user flows of different verification processes beyond KYC. Mobile portal available on Android and iOS.
High-precision OCR
Able to recognize and convert various types of official documents, such as passports and business registration certificates, from different countries
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