In this edition of EUStartup.news Startup Showcase, we are highlighting KnowMeNow, an innovative startup based in Málta, Messinia, Greece. This forward-thinking company leverages blockchain technology to offer efficient, secure, and reliable methods for verifying and sharing data.
Tackling Inefficiencies in Global Identity Verification
The current global infrastructure for identity verification, encompassing KYC (Know Your Customer), AML (Anti-Money Laundering), and FCT (Funds Control & Tracking) checks, is known for its inefficiency and complexity. Traditional methods can result in significant delays, high costs, and extreme frustration for both service providers and customers. These issues are further amplified for global organizations that need to navigate diverse compliance regulations across multiple jurisdictions, which in extreme cases, can extend the verification process up to 30 to 50 days. Beyond causing consumer dissatisfaction, these methods often create social exclusion barriers, hindering access to basic services like banking. KnowMeNow is dedicated to resolving these issues, harnessing the power of blockchain technology to offer more efficient, secure, and reliable ways of verifying and sharing data.
Leveraging Blockchain for Faster, More Reliable Verification
KnowMeNow has developed a solution that can dramatically decrease the time and duplication of effort needed for verifying clients’ data. By using blockchain technology, KnowMeNow facilitates clients to swiftly and securely verify their information once, eliminating the need to repeatedly produce verification data for different service providers across various sectors. The company’s solution not only reduces costs and delays associated with traditional verification methods but also provides a platform that meets global standards for data verification, minimizing jurisdictional complications.
Towards a More Inclusive Future
By simplifying the verification process, KnowMeNow’s solution can significantly reduce social exclusion resulting from traditional KYC & AML requirements. It’s estimated that up to 165 million people in Europe, including 40 million within the EU, lack access to formal financial services. The prohibitive cost of verifying Personally Identifiable Information (PII) for new migrants is one of the many barriers KnowMeNow seeks to remove. By making the verification process more accessible and less costly, KnowMeNow’s solution can help more people access crucial services like government benefits, healthcare, and education digitally, facilitating legal migration and international remittances through formal channels.
In conclusion, KnowMeNow is leading the charge in transforming global identity verification infrastructure, delivering a solution that’s efficient, secure, and inclusive. By leveraging blockchain technology, this innovative startup is not just making data verification more accessible but is also contributing to a more inclusive future.
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