Buck-E/Flowbikes

Corporate KYC (Know-Your-Customer) - Use Case

Identified problems that project wants to solve with a blockchain approach

• Today the full KYC onboarding process of corporate at a Financial Institution takes up to three months and cost up to €50k
• When a company wants to be onboarded at a second bank, the second bank also has to do the same KYC verification process
• This solution makes it possible for corporates to buy and sell each others’ data if the company gave specific consent to do so
• This makes it possible to reduce the onboarding time with weeks and save a lot of manual verification costs while having access to verified data and pieces of evidence

Participants

• At first the four largest Belgian banks
• In a second phase, banks across Europe can potentially join the network
• Isabel as the network operator
• Corporates from more than 5 European countries
• Regulators
• Governmental and official data providers for the pre-filling of KYC data
• In a second phase possibly accountants and lawyers

Results

• Possibly the first decentralized corporate KYC solution for financialiInstitutions to go live across multiple countries
• Large cut in KYC verification costs and labour
• A much faster and smooth user experience from the side of the corporate
• A fully digital and secure KYC solution, replacing current paper-based and error-prone KYC processes
• An ultra-secure solution that integrates with and meets the highest standards of the Financial Industries IT systems, leveraging the newest technologies

Mobile tokenized money - Use Case 

• There is a strong interest of Telcos to create digital tokens and loyalty points that can be used for a wide range of applications
• Those tokens can be used to do online or in-store payments or to send money peer-to-peer, to do remittance payments or as cash back (for mobile data for example) and loyalty system with other companies
• By having a fully digital and in-sync system across a network of parties, there is no more need of reconciliation and errors are automatically limited and easily found due to the nature of blockchain technology
• This system also makes it possible for unbanked people who have a mobile phone to start having digital cash and are no longer dependent on banknotes
• In a next phase different telcos could create one shared application across telcos before a third party comes with a platform that makes them obsolete (see Whatsapp)