Commercial Passport

The world’s first digital global KYC software

Standardized, Secure and Fully Digital.

The KYC Challenge Summarized

The Know Your Customer challenges encountered by treasurers in banks or by corporate clients have ramped up considerably. The manual activity of handling each and every KYC request over and over again on a paper based system adds no value to the process.
It is time-consuming and inefficient for both companies and clients as it often leads to verification delays or double-checking efforts, thus also producing more costs and dissatisfaction.
Especially in companies with low credit rating, bureaucratic regulations can also be a burden as they may fall under the ‘subjective’ perception of specific banks without unified standards. Consequently, sensitive information is put at a high risk.

The Vision Behind the App

Commercial Passport, a company based in Canada, aimed at bringing a solution to the KYC problem. The company envisioned concrete advantages that would enhance the process of generating passports. They hoped to impact:

  • Efficiency
  • Security
  • High Functionality
  • Full-ownership information

Commercial Passport knew that the power of the digital world should be exploited to their advantage. So they contacted Scopic in order to professionally materialize the automatization of KYC from the ground up.

The Scopic Solution

Scopic professionally developed a trusted repository for digital KYC in cooperation with Commercial Passport. The team carefully crafted the software architecture, and outlined a concept that would revolutionize the way personal documentation was shared, certified, and stored in financial institutions around the globe.

The platform provided fully digital and analytical solutions to streamline business processes. The Universal KYC Solution reviewed, fully documented and analyzed KYC data for legal entities and complex structures in an inherently efficient reusable digital master record format.

Scopic focused on ensuring the KYC was as user-friendly and effortless as possible, through a fw steps that included: 

1. Easy specification of beneficial ownership and control for the legal structure, choosing from clearly defined legal entities – ensured by a sophisticated rules engine

2. Smooth and easy process of document verification

3. Electronic exchange of passwords, making the KYC experience both efficient, paperless, and healthier for the planet!

One of the most innovative aspects of this custom financial software developed by Scopic, was the use of blockchain technology to maintain secure and verifiable records of document transaction histories. This – in addition to 2-factor authentication, data encryption, and document lifecycle history – would ensure that Commercial Passport offered the highest level of security available.

Skills Involved:

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