At Togggle, we designed a storage solution for KYC information to reduce data management and access costs, optimize users' experience and drastically decrease the risk of being subject to data breaches.
Togggle enables permissioned access to consumer data required for KYC that other financial institutions or platforms already collected.
Our solution is built on three main pillars:
Users' verified information gets encrypted, encoded, and split into fragments, then stored across a distributed network of independent nodes. No single storage node can access any complete file or usable data, nor can Togggle access such information. Instead, only a User can access, edit or delete his information and share them with Financial institutions requesting read-only access.
This solution is implementable with your current infrastructure.
Once a User has his verified information stored in the decentralized storage, he is provided with reusable credentials to "spend" on further verification with other financial institutions. When a bank or another institution must gather and collect a Customer's information in its Customer Identification Program to perform Customer Due Diligence, it will ask the Customer to provide access to the relevant information. The institution can customize the access request to reflect the needs of any particular use case: for instance, a Bank may be required to maintain access for a more extended period or to be able to download the data. In each situation, it is possible to tailor the access request to read-only access (or not) and specify the access duration.