AKcess starts the go-live phase with the shared eKYC solution

AKcess, a blockchain focused tech company based in the UK, was launched in 2017 and provides onboarding, identity verification solutions and know your customer (KYC) checks, utilizing various technologies and document authentication capabilities.

Besides its projects underway in the UK, UAE, Qatar and Egypt, AKcess launched its operations in Kuwait in 2019 via a partnership with FRM Tech Labs.

The AKcess solution was quickly adopted by a consortium of the leading banks in Kuwait and endorsed by the Central Bank of Kuwait.  The solution successfully passed the sandbox and POC stages and has been adopted by all parties, including the regulator and the financial institutions. The objective is to use the eKYC platform, where institutions can verify an individual’s KYC for use within both the institution and the whole ecosystem.

While there is currently quite a rage around blockchain, AKcess only uses the technology because it remains a perfect fit for the solution, not because of the hype. Distributed ledger technology, also known as shared ledger, is used by hashing the KYC data, which ensures that the digitized data can be verified, owned and managed by the user, then shared safely and securely across multiple institutions regardless of geography.

The Kuwait shared eKYC solution is one of the first successful initiatives globally to bring such an advanced and smart offering to the market.  The platform was tested for onboarding clients, verifying and updating KYC profiles, while complying with the central bank’s regulatory requirements. The solution gives the user complete authority over the information sharing process.

AKcess’ process is especially delicate in areas associated with finance: banking, insurance, investments, trading, proptech and others. Not just because of the risks that online identity theft may entail, but for its mandatory implementation, given the current regulatory and legal framework.

Towards a new era of digital ID verification, it has become increasingly important to be able to establish trust, particularly online. That being said, AKcess is spending a lot of time developing and expanding certain unique capabilities that elevate its technology’s utility – which businesses will feel safe to rely on for their KYC needs, including a smart corporate eKYC and SME solution.