Shyft, a procider of KYC/AML infrastructure for the global economy, has announced an open and unified blockchain framework for the standardization of regulatory, compliance and due diligence mandates for Know Your Customer (KYC) and Anti-Money Laundering (AML). The Shyft Network’s blockchain-based system will let users securely obtain, store, inquire into and work with compliance-satisfying data to help them reduce costs and increase effectiveness while increasing consumer data security.
Joseph Weinberg, Shyft Chairman, said: “In recent years, financial technology has been evolving by leaps and bounds. Unfortunately, at the risk of disruption or even catastrophic failures like terrorist financing, industry players have been struggling to keep pace with the advancements. Financial institutions are facing an increasing number of compliance obligations with heightened complexity and rigor, where failure to comply can result in significant legal penalties and reputational damage. The current processes used by financial institutions to handle regulatory compliance are broken and highly ineffective in stopping money laundering. Identity is being looked at in an improper manner and the industry is ready for a seismic change.”
The Shyft Network aims to provide a new paradigm for digital identity — one focused on leveraging reputation as collateral and setting a new standard in the attestation process. Shyft is a reputation network that enables base layer identity anonymization and KYC data-anchoring. Shyft assigns individuals and businesses with Creditability scores, defining their reputation, plausibility, believability and likelihood that they are creditable. On the Shyft Network, creditability or reputation becomes collateral and user identities act as anchors on which bridges and gateways are created into new data sets that enable reputational creditability.
The board of advisors include Joseph Weinberg (Paycase CEO, Think Tank Specialist to the OECD, & Shyft Chairman), Chris Forrester (Shyft CTO), Fredrico Nassire (Shyft COO), Advisor Anthony Di Iorio (CEO & Founder at Jaxx & Decentral, Co-Founder of Ethereum), Ben Gorlick (Previously Director & Head of Product at Blockstream), Loretta Joseph (Chair of the Australian Digital Chamber of Commerce Advisory Council and OECD Think Tank Leader), Jeremy Bornstein (Senior Vice President & Group Head at Mastercard in Canada), and Bruce Silcoff (Chairman of Fairlane Group).
Di Iorio commented: “I have identified Shyft’s solution to KYC as the reform that many of my partners and the wider industry have been waiting for. Shyft’s underlying vision and the fact that it’s supported by a global network of KYC regulators is what sets this project apart from any other in the market. When I learned of Shyft’s vision to remove borders around personal identity using blockchain, I realized the full influence they will have on the entire global economy.”
Senior Advisor at Shyft, Bruce Silcoff added: “A digital security epidemic is upon us. Billions of consumer identities have already been compromised. The Shyft Network will be pivotal in remedying a broken financial system and restoring consumer confidence.”