After about one year of research and development work, the experience linked to the Self Sovereign Identity Essif project of the European Union in the field of anti-money laundering eKYC has been positively concluded.
eSSIF-Lab is an EU-funded project that aims to promote the wide deployment of Self-Sovereign Identities (SSI) technology as a third generation, open and trusted digital identity solution for faster and safer electronic transactions via blockchain and in real life.
Commerc.io srl participated in the business program created to accelerate SSI-related businesses and solutions. The program included both business and technical support to integrate SSI technology with market proposals. The business focus was on a very important topic: The anti-money laundering also known as KYC/AML
Know Your Customer or KYC is an expression indicating a recognition process used by companies to verify the identity of their customers and assess potential risks or illegal intentions in the relationship with the customer in order to comply with the anti-money laundering regulations that govern these activities.
Commerc.io srl has developed a prototype (Proof of Concept) of an eKYC solution for the issuance of a verifiable credential on an SSI wallet of a Blockchain and CommercioID based on a bank transfer of a supervised bank.
Video of the demo is available at this address https://youtu.be/Y42WtVZ8cdE