KYC (Know Your Customer) is one of the important pillars in the financial business. However, customer data is often inaccurate because e.g. Banks can only update the customer data to the latest only if customers come to branches that are now very rare in today’s technological era.
On the other hand, customers are also entitled to data protection. Lots of misuse of customer data especially for fraud, scamming, internet / phone marketing, which is very worrying at this time. The customers deserve the right to refuse the use of its data for any kind of matters that are not useful for them for a sustainable business environment.
LedgerNow provides convenience and flexibility for the banking industry to obtain verified customer data while protecting customer data from malicious actions.
In order to strengthen the validation of customer data, collaboration with third parties as many as possible who also the same data, whole or partiallya, and the systhematic procedure of data conflict can be done by consensus.
So far, banks or financial industries manage their data internally or just collaborate with other in similar industries.
As a matter of fact, there are some more accurate customer data which are saved on non-financial companies’ database is just a data without any added value.
LedgerNow solves this problem. With the digital identity feature, LedgerNow provides the ease integration to both financial industries and non financial industries, to be able to collaborate together. There are some clear rules are needed in this case, which is more transparent and easy, could be implemented progressively. Non-financial industries will certainly get many advantages in doing financial transactions in the future because of the faster to accurate of data held by banks, as well as banks can run KYC Compliance properly.
With transparency and traceability, every customer’s data will be completely validated and verified from the original source.
Collaboration plays an important role in business. The use of e-mail, chat and phone is no longer relevant because the document will be duplicated and fragmented with many invalidated revisions. With so many challenges today, the sustainability of a company is largely determined by the speed and accuracy in managing the data.
One of the easiest ways of collaboration is to use file sharing. For a simple transaction does not require significant rules. Each party can see the final status of a document until the final.
But in the long run, the sharing of documents like this will cause new problems, for example:
- Who is entitled / obliged to make the sharing document
- How to authorize it, because the file has limitations
- Administration process will take longer because it must move the contents of the file sharing into the system manually if there is no adequate tools.
The use of API (Application Programming Interface) to be one solution to overcome the limitations of file sharing above. However, the cost to build API and manage it is very expensive and has a high risk because if there is an open bug / gap can be fatal for the company’s internal system.
So, is there a collaboration solution that is as easy and as cheap as file sharing also has high security?
LedgerNow answers the above problem. The solutions offered by LedgerNow are built with high security standards and can be integrated easily.
Delivery of goods
In the mind of enterprise resource planning, the delivery of goods has to arranged carefully so that no cost is wasted. Industries generally already have adequate system in managing the stock of goods.
Courier companies can provide information delivery capability easily.
Both of these information could exist in different systems, even with different technologies. But, LedgerNow can help those system to be integrated seamlessly so that in making the delivery request can be done quickly and precisely.
These business procedures can be stored in systems known as smart contracts. The result is a shipping plan, a document that can be viewed together which is the result of the business process above.
If your company has the same problem, LedgerNow is ready to help unravel your business’s tangled threads.