Cybersecurity breaches and theft of sensitive personal data has reached epidemic proportions. How can you protect your company and your customers?
Compliance obligations for financial institutions are increasing in number, complexity, and rigor. Costs of satisfying these obligations continue to rise exponentially. Anything less than strict compliance can result in significant legal penalties and / or reputational damage.
For banks and large institutions, compliance represents a substantial drain on resources. For smaller institutions, it can stifle even basic operations.
Shyft is the solution
Identity verification shouldn’t come with the risk of data compromise and extreme costs.
Blockchain-based distributed ledger technologies have the potential to streamline, cut costs, and reduce risks inherent in traditional compliance systems.
Shyft's blockchain-based network is building unbreachable data protection for industry, governments, and consumers, setting new standards for Know Your Customer (KYC) and Anti Money Laundering (AML) compliance—all while reducing the cost of verification.
In recent years, financial technology has been evolving by leaps and bounds. Unfortunately, at the risk of disruption or even catastrophic failures like terrorist financing, industry players have been struggling to keep pace with the advancements. Financial institutions are facing an increasing number of compliance obligations with heightened complexity and rigor, where failure to comply can result in significant legal penalties and reputational damage. The current processes used by financial institutions to handle regulatory compliance are broken and highly ineffective in stopping money laundering. Identity is being looked at in an improper manner and the industry is ready for a seismic change.
Shyft's distributed blockchain-based network offers data consolidation through decentralization
The Shyft Network standardizes the KYC/AML verification process, while providing the highest level of personal data protection for businesses and consumers
Shyft benefits financial, government, and regulatory bodies, and every entity concerned with proving, protecting, securing, and providing KYC/AML.