For Large Business (BFSI, Telecom, Healthcare, Supply-chain)

Let’s say, for example, Kotak Bank has implemented our solution in-house to save time & money avoiding redundancy in KYC within the Bank. Below steps will result in saving cost & time through Intra-Bank KYC Blockchain model.Let’s say Kotak Bank has implemented our solution in-house to save time & money avoiding redundancy in KYC within the Bank. Below steps will result in saving cost & time through Intra-Bank KYC Blockchain model.

Let’s say Kotak Bank has implemented our solution in-house to save time & money avoiding redundancy in KYC within the Bank. Below steps will result in saving cost & time through Intra-Bank KYC Blockchain model.

Step 1: Kotak Customer applies for Bank account with Kotak and uploads the documents for KYC on Kotak’s website.
Step 2: Kotak Bank verifies the Identity by doing the KYC & upload the documents (via APIs) to the RecordsKeeper’s Blockchain (Implemented in-house in Kotak’s infra- structure)
Step 3: Kotak Opens the account & also gives “Kotak KYC ID” to the customer and also maps it to customer’s account.

Step 4: Now the same customer wants to apply for term insurance with Kotak for 3 Crore.Step 5: Customer only has to share the “Kotak KYC ID” while applying for term insurance and Bank will get KYC from customer’s account. Only additional documents can be added to the Blockchain if missing.

Step 6: Kotak can rely on the KYC documents safety & immutability because it is on Private Blockchain in a distributed manner. Also giving them high availability without relying on the central system for records keeping.

Step 7: Kotak can now produce the documents in front of regulators while proving the KYC docs directly from the Blockchain with just one click.

Step 8: Kotak can also share their customers KYC docs with the associate companies & departments externally in a highly secure manner.