The Tracing Group will use Tokenbridge’s tokenization platform to find customers.
A tokenization platform provider, Tokenbridge will be using blockchain technology to improve know your customer (KYC) and identification processes for a financial services data business known as the Tracing Group (TTG), officials say.
The “hyper-personalized tokens create infallible, verifiable and re-usable records of personal details,” according to Tokenbridge, based in Gamlingay, Sandy, in the United Kingdom.
The Tokenbridge platform is based on a blockchain-agnostic architecture intended to help “reduce costs and simplify processes for fund managers, wealth managers and infrastructure providers to better position them in meeting the needs of the next generation of investors,” according to Tokenbridge.
The hyper-personalized tokens that TTG will offer to clients “will significantly streamline the client onboarding process, mitigating cost and friction by acting as a digital passport that eliminates the need for customers to repeatedly complete applications from scratch,” according to Tokenbridge.
The tokens are intended to help banks efficiently meet KYC and anti-money laundering (AML) regulations by “accelerating traditionally complex and labor-intensive verification processes,” Tokenbridge officials say.
Customers prefer “digitized banking and fund services that require minimal administration, reflect their preferences and values, and protect their privacy in a highly secure environment,” says Danielle Higgins, managing director of TTG, in a prepared statement.
TTG works with global banks, pension schemes, and wealth managers such as the NatWest Group and Santander “to locate and verify missing customers,” officials say.
“TTG offers a range of services including mortality screening, data cleansing, people tracing, overseas people tracking, existence checks, beneficiary tracing, and the Child Trust Fund (CTF) register,” officials say. TTG also offers proof of identity, AML checks, and KYC services through its new product Validentity.
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