Persona, the blockchain-based solution for identity management, announces its partnership with FintruX, the P2P lending ecosystem, to streamline the onboarding process for customers while ensuring they remain in full control over their personal details.
The current KYC system is broken. Sensitive documents sent over by customers such as passports, proof of residence and IDs, are all held by a third party company in charge of the onboarding process. Picture the last time you needed to open a bank account online, or enter your information for your mobile provider, you provided the same information for background check twice because these separate systems are not communicating with each other. Persona is offering a solution that streamlines the process of identity management that aligns with the latest data protection regulations.
Persona is the first identity management solution developing its own blockchain, as opposed to other projects being developed as ERC20 tokens over Ethereum. FintruX, once enrolled in Persona blockchain, will be able to update or verify the borrowers individual’s identity with 2x the level of authentication, bringing their verification level to 100%. Unlike the rest of the KYC solutions, Persona won’t have access at any given moment to individuals private details. Persona will empower FintruX customers by giving them control over their personal data as well as the means to secure access to their private details.
Persona is composed of three segments:
- The blockchain which holds the transaction data and IPFS for storage
- A web app and dashboard for the individual to use
- A mobile app which helps data management
Once the user creates his identity, the data stored is secured by the cryptographic algorithms of the blockchain. By saving the user data on the blockchain and not in a centralized application or server, Persona offers the first CaaS (Customer-as-a-Service) solution on the market. By moving the ownership of the data to the customer, away from the company, corporations can secure themselves from extortions, thefts and bugs that can hurt both from an image point of view, as well as being fined by authorities.
“FintruX Network is actively exploring how Persona can be involved in our initial pilots based in Singapore and US,” says Conrad Lin, Co-Founder of FintruX Network. “We are excited to see how Persona’s services will enable us to better respond to our customer’s needs by rapidly verifying the identity of borrowers on our platform.”
“We’re looking forward to work with FintruX and provide their clients with the solution Persona creates for identity management,” says Ștefan Neagu, Co-Founder of Persona. “With Persona, individuals are claiming their identity back, validation and verification is performed by the same community who at any given moment can store or copy any of the personal details.”