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SingleSource’s Identity & Risk Scoring Platform uses a decentralized digital identity to enable frictionless business transitions that are secure, build trust, and eliminate fraud for a safer, fairer marketplace. "With our fully digital, real-time data validation and risk score calculation, our platform is the answer to effortless transactions,” says Chandran. The SingleSource eKYC is a modern API-driven product, that undertakes a comprehensive KYC check through the Fraud Intelligence Engine (FIE) and creates a holistic profile of the customer’s identity and fraud risk, in real time, including address verification, background checks, biometric checks, email and device verification, and ID verification.
Our blockchain-based KYC leads to more efficient fraud detection and frictionless, transactional experiences for customers
Scammers taking advantage of a borderless world and lack of investor protection due to poor governance by businesses have led to investor confidence being eroded, coupled by increasing scrutiny from financial regulators. To remain competitive, businesses must acquire and onboard customers quickly while ensuring not being exposed to unknown risks. The SingleSource Risk Score is calculated from a proprietary machine learning algorithm that understands the risks from aggregating and applies multi-factor analysis. This dynamic score evolves based on the input data from external sources, and as it is linked to the customer’s identity, its flexible nature enables different use cases to be delivered beyond just identity verification and fraud detection, e.g. dynamic priced financial products.
SingleSource is the first blockchain company to be accredited by Government Agencies in New Zealand and Australia. The company’s products comply with relevant global privacy standards, including GDPR and align with the highest KYC standards, including FINMA (CH) and FMA (LI).
The utilization of SingleSource's offerings brings in some inherent benefits with regards to onboarding, implementation, compliance, and updating. The company's real-time data verification process allows for faster onboarding while a single API enables clients to swiftly implement KYC. SingleSource has made compliance easier by making fulfillment of KYC and AML requirements, practical and affordable. Going forward, SingleSource has plans of utilizing the digital identity beyond the confines of traditional financial sector so different ecosystems, and use cases are mapped as well.