Please describe your proposed solution.
IAMX's has built a prototype that showcases our proposed solution "a modular framework to standardize KYC processes on Atala PRISM" for efficient global identity verification and management. This modular structure offers flexibility and scalability, facilitating customization, and growth since each module can be used independently, and new ones added as needed.
Our solution addresses the fragmented and inconsistent Atala PRISM landscape, which currently hampers efficient identity verification, leading to potential fraud risk and regulatory compliance issues. The modular framework effectively emends these issues via its salient features of flexibility, scalability, and maintainability.
The modular framework significantly reduces the time taken to verify customer identities, providing mutual authentication for parties involved while increasing the pass rate. Leveraging advanced techniques like geotagging, digital document processing, wallet identification, we bolster KYC accuracy rates and customer experience.
The platform ensures enhanced user experience with user-friendly wallet modules and Landings Page. Satisfaction among customers increases as the KYC process improves. Biometric transaction authorization is included for added security.
The solution accommodates multiple question-answer types, document processing, and wallet identification. It also incorporates a rule-based chatbot for mapping compliance and onboarding.
All of this prompts an efficient ID verification and onboarding within minutes, ensuring full regulatory and financial market authority compliance, GDPR conform KYC, KYB in 200 countries with 1032 AML Sources with reusable KYC, AML process, highly customizable, legal documentation and reports.
Our POC can be found and tested using the following links and Video: <https://kyc.iamx.id/chatBot/index/docufi3d> and <https://kyc.iamx.id/chatBot/index/bricktowers>;
<https://www.youtube.com/watch?v=EWs79AkQfws>Understanding the framework’s effectiveness will be accomplished through developer feedback, adoption metrics, and monitoring the number of KYC processes conducted using our solution. Our design targets beneficiaries like businesses, developers, and users in the Cardano ecosystem, aiming to streamline their KYC processes and enhance the user experience.
We believe, our solution is crucial to Cardano's growth, enhancing Atala PRISM’s functionality, and driving its adoption in the ecosystem.