Shared KYC Between Organizations

Question

Wouldn't it be great to share KYC between organisations to streamline the KYC process and avoid customers having to go through the KYC process again and again?It does pose challenges related to data privacy, security, consent, and regulatory compliance.Do you think it would be worth the effort?

tacostakohashi · Accepted Answer

Isn't that what credit report companies and data providers (TransUnion / Experian / Equifax), Dun & Bradstreet, LexisNexis, etc. do/enable?For the most part, if you exist in these databases KYC is going to be a lot easier than if you don't. Beyond that, I guess each organization has slightly different rules and regulations and risk tolerances around KYC to satisfy, so they wouldn't want to 100% outsource it.

bishal_saha_ · Answer

I don't think it will be that easy. No company will allow that because it will be like sharing your user with someone else.Also how do you think you will implement that?

Shared KYC Between Organizations

Wouldn't it be great to share KYC between organisations to streamline the KYC process and avoid customers having to go through the KYC process again and again?
It does pose challenges related to data privacy, security, consent, and regulatory compliance.
Do you think it would be worth the effort?

I don't think it will be that easy. No company will allow that because it will be like sharing your user with someone else.
Also how do you think you will implement that?