Each year, businesses worldwide spend billions of dollars collecting, authenticating and protecting their clients’ personal data. The majority of these, particularly financial institutions, must conform to very costly and strict regulations concerning the verification of this data – specifically Know Your Customer (KYC) and Anti-money Laundering (AML) procedures. Through its services, MatchUpBox offers the possibility for businesses, notably banks, to transform their costs into revenues by monetizing the flow of data to their affiliates. In this manner, they can optimize their ROI, all while improving customer satisfaction and experience with a shorter on-boarding process.
In contemporary society, it has become clear that personal data is a serious form of currency on the internet. However, contrary to other classic monetary systems, this data does not yet profit from a trustworthy environment which facilitates commercial best practices. For financial institutions, this can result in an excess of time and money spent on verification procedures. For consumers, this disconnect often means an unpleasant client experience. But what if there were innovative technologies that would allow banks to simplify their currently cumbersome procedures?
A Blockchain Dedicated to Personal Data
This is the solution proposed by MatchUpBox, a FinTech with offices in Montpellier, Brussels and Boston. Didier Collin de Casaubon, CEO of MatchUpBox, explains “We are convinced that great value lies in privacy and how it relates to the personal data economy. Above all, businesses have everything to gain by implementing this guiding principle into the heart of their operations.”To accomplish this, the startup is developing services around PikcioChain, a “permission-based” blockchain, specifically designed for personal data and digital identity. Via these services, MatchUpBox provides businesses, notably in the financial sector, with a safe environment in which personal data can be securely exchanged and the integrity of its contents verified at the discretion of its true owners: consumers. Facilitated by PikcioChain, this is KYC-as-a-Service at its finest.
MatchUpBox, The Fintech for Financial Institutions
Imagine that a client is opening a bank account at Bank A. As soon as his initial information is verified according to KYC/AML procedures, it is saved on the internet and then in PikcioChain, which is linked to Bank A and its associates. When this same client wants to subscribe to another service, for instance life insurance from company X, he approves the retrieval by X of his personal data block stored in PikcioChain. This same customer also has the option of obtaining the data himself and securely sending it via PikcioChain to the insurance company.Thanks to PikcioChain, insurance company X automates its on-boarding procedure, all while authenticating that this “block” of personal data is identical to that collected by Bank A – assuring that it has not been modified by the client. Furthermore, all updates can be accessed in an incorruptibly traceable manner. Company X can issue payments for this service directly to Bank A with PikcioChain.
“Thanks to PikcioChain, financial institutions can finally transform their costs into revenues, as well as grow their ROI,”
Didier Collin CEO of Matchupbox.
GDPR: An Opportune European Mandate
In May 2016, Europe voted in a law which will considerably change the way in which businesses use, collect and exchange European citizens’ personal data: this is the General Data Protection Regulation (or RGPD in French). Personal data portability is a prime focus in these pioneering measures. Third parties, and even the original businesses, will have an obligation to carry out a complete audit of all personal data exchanged. Apropos, PikcioChain facilitates the motility of this data and above all guarantees that its integrity remains. In the instance of an audit, PikcioChain permits a verifiable trace of the data’s modifications and pathways, whether it be between different departments of the same company or between clients and certified partners.
Didier Collin sums it up nicely:
“Financial institutions have everything to gain in constructing a consortium in which personal data can be exchanged with the utmost security while above all maintaining client privacy. Thanks to PikcioChain, institutions can automate their procedures, saving time and money, all while improving the client experience.”