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On boarding – KYC

Improving on-boarding processes is an essential goal for organizations that want to enhance their relationship with customers, clients and employees to grow their business.

– Bill Cline, kpmg.com, 2014

Client on-boarding

Client on-boarding is a largely manual, error-prone, time-consuming, expensive, incomplete, and ineffective process. It often aggravates both the client as well as the organization.

Sphereon can be of great help in automation and improving quality:

  • automated capture of emails, attachments, documents, posts
  • automatic classifying the document types
  • extracting key data for backend systems
  • checking for missing documents, signatures or information
  • automatic creation of accounts, documents, activation requests
  • immutable proof of registration or receipt, including timestamp

Know Your Customer – KYC

The KYC processes is one of those typical processes that can be greatly improved — both in quality and speed — by automating the document processing. It is a highly document intensive process that needs to be secure and fast.

Secure, because it involves personal and sensitive client data that must be handled with care.

Fast, because clients expect to be able to be able to use your services immediately.

Sphereon offers functions that allows you to capture documents, such as IDs, bank statements, and other supporting documents and process them automatically. This allows you to speed up your KYC process.

Sphereon Blockchain API

The Sphereon Blockchain API can be used to create immutable and tamper proof records during an onboarding process. As a registration or supporting document is received, it can immediately be registered on the Blockchain.
If at a later time a dispute arises about the authenticity, or time received, the registration can easily be checked and proven beyond any doubt.

This is just one example of how the Blockchain can be used in an onboarding process. But there are many more use cases possible, like an immutable public audit-trail, smart contracts, etc.