TL;DR: The IOTA Foundation has collaborated with the Dutch de Volksbank to present a new Selv demo on how to set up a new business, a business bank account and liability insurance using IOTA Identity for the sharing of reusable KYC credentials.
Signing up for new services and websites is a repetitive and bothersome process. This is especially true when the new service is a financial one, such as at a bank, insurance company or cryptocurrency exchange. To follow the required Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, the financial services must request digital copies of many sensitive personal documents. Unfortunately, this process must be repeated at every bank, insurance or exchange you sign up for.
The IOTA Foundation recently released a blog post about the Identity Actor, which is the next step in the IOTA Identity framework developments. It explained how signing up for a service offered by a bank will become a much easier process with the help of the Identity Actor. Recently, the IOTA Foundation and de Volksbank have collaborated for a one-off Proof of Concept (PoC) to show how Self-Sovereign Identity (SSI) can modernize the KYC process by introducing a privacy-first and GDPR-compliant reusable KYC demo. This PoC is built with Selv, an open-source app built by the IOTA Foundation, and uses IOTA Identity.The Demonstration
In the PoC, we allow the users to generate a new identity on IOTA and provide a randomized KYC. This step mimics a KYC process that the user has, at some point, completed at a trusted organization. The randomized KYC is stored in the form of a Verifiable Credential within the Selv app. The demo consists of a simulated environment where the user can use their reusable KYC credential to set up a new company as well as a corporate bank account and liability insurance at SNS Bank (a de Volksbank brand), all with one click of a button. This showcases how a previously lengthy and tedious pro...