In order for a Private individual to open an account remotely in Payment institution, or to buy a prepaid card instrument, or to open an account in CryptoCurrency exchange, client has to undergo unique, but at the same time similar procedure in each different institution every time. Client has to provide ID, Proof of Address, Proof of Wealth, in some case selfie over and over again. The worst thing that once this info is submitted and processed it is seldom used aging for the same purposes. So the client has to do this process all over again in a new company.
EXCH.ONE token technology is not only able to transfer value embedded within token information, but also store necessary KYC/AML documents and their screening results, along with value transmitted history for this client, which can be disclosed by client to the participating organization for the account opening/update purposes, in couple of seconds time frame.
At the time of the acquiring of the token at the participating agents, client will be providing in person, by himself, not remotely all required documents which will be embedded in the token transaction information
Upon receipt of this info form the client, organization can proceed with their mandatory compliance checks on the client, not spending time for the basic procedures, but just upload them to their compliance systems and start providing services to their clients thus starting to collect profits from client’s activities rather than spending time and funds on the compliance checks and employee salaries.
Such approach to the on-boarding, can dramatically cut the waiting time that is required for the company to convert the prospect client to a real client with his payment activities on the company’s platform.