Fintech Belgium - Meetup on Compliance / KYC - Frank Verhaest - Isabel Group corporate id kyc blockchain fintech belgium

1. © Copyright - Isabel Group 2018 - All rights reserved.
Isabel Group, provider of the Corporate Identity
powered by a Corporate KYC blockchain platform

2. 2© Copyright - Isabel Group 2018 - All rights reserved.
Isabel Group, a trusted market infrastructure player
Connectivity
Multibanking
E-Documents
Corporate
Identity
Partner ecosystem

3. 3© Copyright - Isabel Group 2018 - All rights reserved.
Corporate Identity powered by Isabel Group
 Unique digital company identification
 KYC data (pilot with Belfius, BNP Paribas Fortis, ING, KBC, 80% market)
 Extend to other corporate ID data needs
 Verified input for government sources
 Base for document signature, fraud management, management of
identity & relationships
 Authentication of individuals
 Access authorization
 (Qualified) signature of documents
Individual Digital Identity Single Digital Corporate Identity
Citizens Corporates
Numéro de Registre National/
Rijksregisternummer
85.01.01-002-00
Numéro d’entreprise/
ondernemingsnummer
BTW BE 0123 456 789
ID ?
Citizen KYC Corporate KYC
Electronic Identification
© Copyright - Isabel Group 2018 - All rights reserved.

4. 4© Copyright - Isabel Group 2018 - All rights reserved.
Issues with current Corporate KYC on-boarding
Bank A
KYC processes
Bank A
Scoring
Bank A Corporate KYC on-boarding
Bank A Data providers
Bank A
Bank B
KYC processes
Bank B
Scoring
Bank B Corporate KYC on-boarding
Bank B Data providers
Bank B
Bank C
KYC processes
Bank C
Scoring
Bank C Corporate KYC on-boarding
Bank C Data providers
Bank C
Company X
No agility
Frustration
Duplication of effort
No common digital identity

5. 5© Copyright - Isabel Group 2018 - All rights reserved.
• The DB owner is in control
• My verification could be
different from yours
• The corporate is not in
charge of its data
Control
• Duplicated processes & data
• Redundant work
• Huge cost for banks
• Time loss for corporates
• Error-prone
Efficiency
• Difficult towards regulators
• Cumbersome reporting
• Lengthy audit process
• Difficult GDPR & AML
compliancy
Transparency
• Unilateral data modification
• Information sits in 1 database
• No central corporate identity
• Man-in-the-middle attack
Identity & Trust
Issues with current Corporate KYC landscape

6. 6© Copyright - Isabel Group 2018 - All rights reserved.
Future Corporate KYC on-boarding
Bank A
KYC processes
Bank A
Scoring
Bank A Corporate KYC on-boarding
Bank A Data providers
Bank A
Bank B
KYC processes
Bank B
Scoring
Bank B Corporate KYC on-boarding
Bank B Data providers
Bank B
Bank C
KYC processes
Bank C
Scoring
Bank C Corporate KYC on-boarding
Bank C Data providers
Bank C
Company X
Agility
Less frustration
No duplication of effort
Common digital identity
Mutualize the
common effort
with a
Corporate KYC
blockchain
platform
to create a
single truth

7. 7© Copyright - Isabel Group 2018 - All rights reserved.
Encryption everywhere
& consensus on
verified data
Trust
Only read and add
No update and delete
Immutability
All transactions are
written to the ledger,
great for audit
Ledger
All data is distributed
on the network (DLT)
between all banks
Network
Why blockchain?

8. 8
Pilot project to end Q2 2018
End Q2 2018
Isabel Group in charge of project
Technology provided by norbloc,
Swedish fintech specialized in KYC
on blockchain technology
WHEN
HOW
Isabel Group together with Belfius,
BNP Paribas Fortis, ING and KBC
4 largest BE banks
Implementing a pilot functional
Corporate KYC platform between the
4 banks and Isabel
Corporate KYC platform
WHO
WHAT
CORPORATE KYC PILOT PROJECT

9. 9© Copyright - Isabel Group 2018 - All rights reserved.
Corporate KYC Blockchain Flow
1. User wants to open
corporate bank account
2. Bank sends email with link
to fill in online KYC form (based on VAT)
5. Bank verifies
KYC form
6. Verified dataset is added
to blockchain & can be sent
back to official sources
7. Third parties
retrieve/use (partial)
data from blockchain Third parties: banks, FI,
companies (attributes providers),
Government
Online KYC form
4. Authenticated user
fills in pre-filled
Corporate KYC form
8. All
transactions
are logged
3. KYC form is pre-filled
with data from official &
other Attributes
Providers
•KBO-UBO
IntelliGate

10. 10© Copyright - Isabel Group 2018 - All rights reserved.
Mandates, fraud,
payments …
Verified & authenticated
data
KBO-BCE, UBO-register,
eBox …
Support multiple
authentication schemes
(eIDAS)
Corporate ID ecosystem
Others
Shared Services
(can be services provided
by other fintechs)
Corporate Authentication
Mandate Management
Proxy Management
Contract Signing
Fraud Management
Ibanity API ecosystem
E-invoicing
Document Delivery
Consent Management
Extra Data Management
Government-specific
Digital Corporate Portal
Corporate KYC Blockchain

11. 11© Copyright - Isabel Group 2018 - All rights reserved.
GUARANTEED COMPLIANCY
(GDPR, AML …)
ACCESS TO VERIFIED DATA
(with consent)
GLOBAL REACH
01
03
02
Added-value for Fintechs
FAST TIME-TO-MARKET
EASY API-BASED ACCESS
04
05