IBM has announced that Signzy Technologies Pvt. Ltd, a financial technology company based in Bangalore, India, is using IBM Watson and IBM Blockchain services to develop a digital trust platform that cuts the identity verification process for financial institutions by as much as 80 percent, improving its ability to comply with regulations and help reduce fraud.
In India, the Know Your Customer norms mandated by the Reserve Bank of India require banks to verify each customer’s identity and provide approved documentation. Banks are under pressure to comply with these requirements, but there is a lack of digital tools to accomplish this efficiently. Most banks are forced to use manual processes that are costly and time consuming.