What is Decentralized KYC (DKYC) and Reasons to Adopt It

  • The lack of KYC standards for centralized exchanges and solutions made the request compiling process too much time-consuming.
  • The process was resource-consuming as the added workforce was required. The increased overhead forced banks to raise the customer onboarding cost, transaction fees, and other charges. This had a negative impact on customer engagement.
  • Despite paying utmost attention, the process never remained 100% accurate. Auditing and data verification were two added responsibilities handed over to banks.
  • DKYC API integration to make the process a part of the decentralized change or in the banking process.

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