Identity verification platform Persona recently introduced Persona Connect, a feature designed to facilitate the sharing and reusing of verified identity and business data among organisations.

Purpose and Benefits

This solution was unveiled at Money20/20 USA. Its primary goal is to streamline PII (Personally Identifiable Information) and KYC (Know Your Customer) data exchanges, making the process simpler for all parties involved, driving business growth, and aiding compliance teams in adhering to regulatory standards.

Addressing Industry Fragmentation

The need for Persona Connect arises from an industry landscape characterized by fragmented identity verification methods. This results in users experiencing repeated identity checks across different services, businesses facing inefficiencies due to redundant processes, and regulators concerned about systemic risks associated with unsecured data sharing.

Fincen’s guidance advises financial institutions to rely on shared information for fraud prevention and robust AML (Anti-Money Laundering) oversight. Persona Connect addresses these challenges by providing a secure platform for organisations to share verified KYC and KYB data according to their own consent-driven networks.

Persona Connect Capabilities

Organisations can leverage Persona Connect to build their own secure, consent-based networks for exchanging verified customer information. This applies irrespective of whether they are crypto partners, operating across marketplaces, or engaging in cross-industry collaboration. Users must opt-in explicitly, ensuring control and privacy.

This solution enhances trust within ecosystems by reducing the need for repeated identity verifications, thereby lowering user abandonment rates during onboarding processes. It also paves the way for expanded collaborations, including the sharing of fraud signals through a network currently in early access stages.

• Optimising onboarding with reusable verified data and pre-filled forms across platforms;
• Selecting industry standards for identity verification and revalidation;
• Eliminating redundant checks to reduce compliance burdens;
• Maintaining privacy and trust while preparing for audits through access to underlying records.

Impact on the Crypto Sector

The crypto industry has been an early adopter of collaborative identity solutions, with Persona working closely with entities such as Strike, BitGo, Bridge, Stellar, and Ripple. These partnerships aim to enhance user experience while ensuring regulatory compliance.

Through Persona Connect, companies like BitGo and CoinFlow can improve their onboarding processes and operational efficiency without compromising on regulatory requirements.