Consonance is a state-of-the-art e-KYC platform that standardizes and harmonizes KYC processes and data across financial institutions, addressing local and global compliance challenges.
Demystifying The Future!
Consonance is ideally championed by regulator(s), state-owned entities and/or banking federations in a utility model.
Powered by blockchain – Consonance is a national vehicle to ensure global and national KYC standards and compliances are accurately followed and adhered-to by the participating entities and commercial enterprises.
Consonance rule engine smartly and proactively detects Customer KYC Data anomalies (if any) and relays exact mismatches to relevant commercial entities where the customer bears a relationship. Consonance ensures KYC data standardization and harmonization across institutions for both individuals and corporate entities.
While Consonance provides a national view of KYC data and compliance to the regulator(s), on the other hand participating commercial entities’ customer on-boarding and KYC costs are drastically reduced, while ensuring regulatory compliance. A comprehensive and secure Customer Consent engine built within Consonance is used to trigger customer data sharing between participating entities.
Built on top of Avanza’s award-winning Blockchain Orchestration and Governance Platform Cipher
Consonance comes readily packaged with a smart, flexible and robust API engine that eases participating entities integration with the blockchain layer.
The API engine is preloaded
with numerous adaptors to readily fetch and check customer data from numerous data sources – Such as National ID authorities, Securities & Exchange Commissions and government entities that maintain different aspects of customers’ KYC data.
What’s inside Consonance
Seamless Onboarding of Participating Entities
Blockchain Powered Data Security and Protection
Built-in Customer Consent Management Engine for Users & Banks
Seamless Integration With Government Data Sources
Proactive KYC Anomaly Alerts
Reduction In Customer On-Boarding Costs
GDPR Compliant
Standardization & Compliance of Global & National eKYC Policies & Guidelines
Consonance platform provides the capabilities to evolve as a generalized platform for not just KYC but a document exchange network for banks and other sectors in future with power of blockchain platform as base solution.
Consonance Key Features
Standardizes KYC across institutions via blockchain.
Led by regulators for centralized compliance.
Reduces costs while ensuring adherence.
Enables secure, auditable data sharing.
Consonance – Avanza’s Blockchain-Powered Platform for National KYC Standardization and Secure Data Exchange
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