Deloitte's RegTech Offering: Blockchain-Powered KYC-as-a-Service Solution

Global consultancy and accounting firm Deloitte announced that it has developed a new KYC-as-a-service solution using blockchain technology that will facilitate the customer onboarding process for financial institutions.

The proof of concept has been developed by the team headed up by Director and Blockchain Leader Thibault Chollet in Deloitte's Luxembourg branch. The name of the new solution is KYCstart. KYCstart creates digital identities for new customers that can then be used across different platforms and institutions, thereby making the customer onboarding process much more efficient while also reducing costs.