IBM announced that Signzy Technologies, a financial technology company based in Bangalore, India, is using IBM Watson and IBM Blockchain services to develop a digital trust platform that reduces the identity verification process for financial institutions by as much as 80 percent.
Signzy is using IBM Watson cognitive computing to create a platform that gives comprehensive view of risk to financial institutions which are required to follow verification processes of their customers to mitigate fraud risk as per the Know Your Customer (KYC) norms mandated by the Reserve Bank of India (RBI).
IBM said this technology automates assessments, cutting verification time by up to 80 percent, from two weeks to two days. The digital trust platform complies with requirements for banks to check for fraud, money laundering, financing of terrorism and other illegal activities.
The digital verification process cuts the manual work and banks can reduce the handling and storage of printed and scanned documents, which contain personal information. Banks can save documents electronically in the secure Signzy database.
“Cognitive computing has the potential to dramatically simplify digital trust processes throughout the financial services industry,” said Ankit Ratan, co-founder and chief executive officer of Signzy Technologies.
With its machine learning algorithms, the system continues to learn as it encounters new patterns, expanding its understanding of how fraudulent or criminal behavior manifests in financial services. The Signzy solution uses cognitive computing to facilitate the verification process and mitigates the risk of human error or corruption.
The digital platform establishes a common protocol for running background checks, using the IBM Blockchain service to decentralize the records while keeping the data highly secure. This creates a private digital trail of each customer’s identity, background information and online transactions, minimizing the possibility of tampering.
