Compliance with ever changing regulations is tedious and expensive. What is the solution?
By Dager Contreras
Skyrocketing identify fraud has heightened demand for ever-more robust KYC / AML (Know Your Customer / Anti-Money Laundering) diligence in the global battle against consumer fraud, money laundering and other criminal activities.
This activity is propelling banks, financial services, and every day businesses to seek full-service KYC / AML compliant on-boarding frameworks. However, establishing KYC / AML compliant practices is too expensive for 98% of businesses due to high costs in trained personnel, cutting-edge technology, and time-consuming maintenance.
Businesses worldwide have been outsourcing these expensive efforts to a handful of firms that have focused on large enterprises that can afford fees that the exploding small and medium sized businesses simply cannot afford. Ocular Tech was set up fill the gap and create an affordable yet far more advanced solution, Ocular Tech was established.
Ocular Tech was launched in October 2017 as a KYC / AML compliance platform with the goal of using blockchain technology to create a global identification repository system. Ocular, along with the Ocular token (OCULR), is positioned well ahead of its competition.
The future of Ocular and the Ocular Token:
Ocular is preparing to expand its ecosystem beyond KYC / AML to include other services such as banking, prepaid credit/debit card issuance, and payment processing. The next phase includes the full use of the Ocular Token (OCULR) as a Discount Token for the various services it offers and potentially expanding to other services outside of Ocular.
The Discount Token model has already been proven effective by various other projects, with the most well-known being Binance (a decentralized crypto exchange). Using this method also reduces speculative purchases of the token and focuses solely on the utility of the token. As the user base expands, the demand for the token increases.
With the developers of Bank-ID, Norway’s national identification system, Ocular will begin the expansion of that platform to create a global identification platform. This platform will allow any participant to have full control of their identity and only share such information deemed necessary for a particular transaction – be it opening a bank account, applying for employment, renting space, or applying for insurance. All participant information will always be up-to-date and verified on a continuous basis so corporate or governmental clients can be assured to have the most accurate information about their customer / applicant. By simply providing such entity with the customer’s Global ID Certificate, all pertinent information will be at their fingertips expediting what normally takes days and sometimes weeks to a process that will only take minutes to underwrite.
With already developed technology and future planned developments, there is little doubt that Ocular Tech has positioned itself prominently in the KYC / AML compliance industry by offering affordable and efficient solutions.
Ocular is the first and only full service “Regulatory-Technology (Reg-Tech)” platform with:
Unprecedented KYC personalization. It offers:
Ocular offers six essential services:
Omni-Channel Document Collection (Private and White Label)
Global KYC / AML with a built in Biometric AML database, including FBI, Interpol and more
OCU-SPIDER – The Inteli-SPIDER will report back changes to a target’s profile such as; when your employee has been arrested, when your customer Tweets about your product, when your competitor has updated pricing
OCU-NEWS using Negative-NEWS which monitors over 300,000 new English-language articles per day and reports information such as; when an employee has been interviewed, negative or positive news about a customer, when a competitor receives publicity
PCI/DSS compliant profile storage and management
Dager Contreras is a Co-Founder of Ocular Compliance Technologies Pte. Limited.