New tech for e-KYC
Sri Lanka’s national credit agency is now working on a solution for national e-KYC (electronic Know Your Customer), top officials said.
Central Bank officials told The Sunday Times Business that the Credit Information Bureau (CRIB) has had two meetings with them on this matter, to obtain preliminary permission, and a third meeting is scheduled to take place by next week.
Eranga Weeraratna, Deputy Minister, Ministry of Digital Economy, at a recent forum, alluded to the e-KYC, noting that this was earlier planned to be done with blockchain technology. Four years ago, a report on the Blockchain Technology-based Shared KYC Proof of concept, was presented to the Central Bank by the National Payment Council. “Now the involved parties have decided that this technology is old and outdated and will be going for a newer technology,” one official said. The planned e-KYC has state-of-the-art technologies such as .NET 3.0 on Microsoft, he added, stating that this will be an identity verification tool for the entire country. E-KYC processes often involve the secure handling of sensitive data, including identity information and supporting documents. Such state-of-the-art technologies provide a secure and reliable platform for building these applications.
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