By reducing the compliance burden of providing KYC information to different financial institutions and by shortening the turnaround time for opening new accounts and availing financial services.
By providing them with a central repository of KYC information for their customers, which reduces compliance risk and makes customer due diligence efficient.
KYC information of individuals and companies, such as name, date of birth, address, identity, and contact details. In addition, financial institutions also upload the customers’ KYC information onto the CKYC registry.