KYC Oracle API (BETA)

This enables you to push traffic from an external source into your tenant.

Purpose

The dID Oracle by Equanimity is designed to facilitate identity verification and compliance in markets in digital assets. It addresses the need for accurate, efficient, and reliable Know Your Customer (KYC) and Know Your Business (KYB) processes, as well as anti-money laundering (AML) regulations, enabling organizations to prevent fraud and comply with regulatory requirements.

Service Description

The dID Oracle offers a comprehensive suite of identity verification and onboarding tools, including document authentication, biometric checks, global watchlist screening, and continuous monitoring. This service ensures real-time and high-accuracy verification by leveraging machine learning algorithms and extensive global databases.

Data Integration

The service integrates data from various sources such as government ID databases, credit bureaus, and international watchlists. It processes multiple data formats, including text, images, and biometric data, ensuring robust and comprehensive identity verification.

Digital Twin Systems

The dID Oracle enables digital twin systems to maintain dynamic representations of digitally-identified individuals and entities. The owners and operators of digital twins may use the Oracle service to continually verify and update their digital credentials and to record changes in their identity and compliance status.

Claims Processing Protocol

The dID Oracle uses machine learning models and rule-based algorithms to process identity claims. These methodologies cross-reference data points and run checks against global databases to ensure the legitimacy and compliance of customer identities.

Verification and Assurance

Verification mechanisms include biometric verification, document authenticity checks, and cross-referencing with global watchlists. The service employs independent verification processes and cryptographic proofs to ensure data integrity and reliability. Secure data handling and encryption practices further safeguard user data.

Digital Certificates

The Customer Due Diligence issues digital certificates that authenticate verified identities. These certificates comply with standardized formats and serve as proof of identity verification, facilitating further transactions and regulatory reporting.

Delivery Platform

Delivered via Equanimity's secure cloud-based services and the IXO Internet of Impacts Platform, the dID Oracle offers features such as API integration, user-friendly dashboards, and real-time analytics. The platform’s scalability and flexibility enhance the overall user experience and ease of integration with existing systems.

Self-Sovereign Digital Identity

The Customer Due Diligence adheres to standards for Self-Sovereign Digital Identity, using W3C-compliant Digital Identifiers (DIDs) and Verifiable Credentials (VCs) to create portable digital credentials. Users retain ownership of their data, ensuring privacy and control over their identity information. Additionally, the Oracle conducts Know-Your-Business (KYB) verification and implements the Web3 Interchain Identifier standard developed by IXO and the Interchain Foundation, enhancing interoperability and trust across blockchain networks.

Compliance with MiCA

The Customer Due Diligence will assure compliance with the identification requirements outlined in the Markets in Crypto-Assets Regulation (MiCA). This regulation mandates transparency and disclosure for crypto-asset service providers and issuers, requiring them to publish information documents and adhere to consumer protection rules. MiCA aims to prevent market abuse, ensure legal certainty, and foster innovation in the financial sector by harmonizing regulations across the EU.

Audit and Transparency

The service maintains transparency through regular independent audits and detailed reporting tools. These audits verify compliance with regulatory standards and provide accountability, with comprehensive audit trails and logs available for review.

Conclusion

The Customer Due Diligence by Equanimity offers an effective solution for automated identity verification and regulatory compliance. By incorporating standards for Self-Sovereign Digital Identity and ensuring MiCA compliance, it provides secure, accurate, and real-time verification, aiding organizations in risk mitigation and regulatory adherence. Its comprehensive features, secure platform, and commitment to user privacy make it a reliable tool for identity verification.