Shyft Announces e-ID Network for Global KYC/AML Solution

Trunomi, the industry’s leading consent framework and data rights management solution, today announces its official partnership with Shyft, a comprehensive blockchain-based digital ID solution for Know Your Customer (KYC) and Anti Money Laundering (AML) compliance.

Together, they plan to leverage Shyft’s blockchain technology with Trunomi’s expertise in consumer consent frameworks to implement an innovative e-ID (electronic ID) network, which will initially be launched in Bermuda and then expanded to a growing list of nation states and Fortune 500 companies who are signing up to join the network.

At the recent signing ceremony for the joint venture, the Premier of Bermuda, the Hon. E. David Burt, JP, MP has said, “The Government of Bermuda has decided to lead the way and build interoperability into the government legislation, in essence, approach regulatory frameworks with exportability in mind. This is our Bermuda jurisdiction as a service, the high level of exportability ‘stack’ that includes technology, regulation, process and protocols”. The Government has proven this to the market already by passing comprehensive ICO and Digital Assets regulations which, when combined with the new comprehensive digital ID framework, will ensure a world-class bedrock for global interoperability and regulatory efficiency.

This fully interoperable e-ID framework will enable companies and individuals to conduct business globally and empower individuals to share personal data cross-border more easily, while adhering to the strictest KYC/AML and Anti-Terrorist Financing (ATF) compliance rules and procedures.

Trunomi provides consent and data rights management technologies that allow data privacy compliant sharing of personal data and identity information between businesses and their customers enabling them to request, record and immutably prove customer consent to the use of their personal data.