Each jurisdiction has its own rules governing how sensitive customer data - like personal IDs, financial transactions, and sanctioned-entity checks - can be accessed, stored, and shared. Even within the same banking group, different branches in different countries often struggle to collaborate without running afoul of privacy regulations.
This challenge intensifies as global customer bases expand.
A growing number of clients expect seamless onboarding and fast approvals, yet traditional KYC processes are bogged down by jurisdictional complexities, manual workflows, and data sharing constraints. The result? Delays, inefficiencies, and elevated compliance risks.
Jurisdictional silos: A barrier to efficiency
Consider a banking group with branches in multiple countries, each required to perform due diligence on a shared customer. One branch holds valuable information on a customer’s history, while another needs to verify their identity against local government watchlists. In theory, collaboration between these branches would streamline the KYC process. In practice, privacy laws and cross-border data restrictions create silos, forcing each branch to duplicate efforts and rely on manual checks.
This fragmentation not only slows the onboarding process but also increases operational costs and regulatory risks. Data sharing between jurisdictions - even within the same banking group - requires careful compliance with laws like GDPR in Europe, APPI in Japan, CCPA in California, or PDPA in Singapore and other region-specific frameworks.
Global financial institutions significantly suffer from their inability to securely share data without risking privacy breaches.
A future-ready solution
The Partisia Platform offers a transformative solution to cross-border KYC challenges by enabling secure collaboration across jurisdictions. At the core of Confidential Computing is Secure Multi-Party Computation (MPC). This cryptographic technology allows different branches within the same banking group - or even external data providers in different jurisdictions - to collaborate on sensitive data without ever exposing that data in plaintext.
Here's how it works:
Each branch encrypts its data locally, ensuring that sensitive information remains protected.
Encrypted data is the processed collaboratively through the Partisia Platform, enabling analysis without revealing the underlying details to any party involved.
One branch can verify a customer's identity against sanctioned-entity lists stored in another jurisdiction, while complying fully with local privacy laws and not revealing any personal information within the request.
This approach eliminates the need for duplicative workflows and manual checks, empowering banks to streamline cross-border KYC operations while staying compliant with data protection regulations.
Enhancing trust and transparency with blockchain
The Partisia Platform uses a decentralized ledger to record every step of the workflow, creating an immutable audit trail that can be accessed by authorized stakeholders.
This blockchain technology provides several key benefits:
1. It allows regulators to verify all necessary checks have been performed without requiring access to sensitive customer data.
2. It ensures all branches within a banking group are working from a single source of truth, eliminating discrepancies and reducing the risk of errors.
3. It enhances accountability by making it impossible to alter or delete records, which is essential for building trust with customers and oversight agencies.
This combination of privacy and transparency is a game-changer for banks.
They are enabled to meet the increasing demand for data protection while maintaining the high standards of compliance required in today’s regulatory environment.
New opportunities for global banks
Cross-border KYC doesn’t have to be a bottleneck. By adopting the Partisia Platform, multinational banking groups can turn a challenge into an opportunity. The ability to securely share and analyze data across jurisdictions paves the way for faster, more efficient compliance, allowing banks to focus on growth and innovation.
This isn’t just a solution for today’s KYC demands - it’s a future-proof approach to global compliance. The Partisia Platform ensures that banks can operate confidently across borders, bridging jurisdictional gaps while safeguarding customer data and upholding regulatory integrity.
Reimagine your cross-border KYC process with Partisia. Discover how Confidential Computing can transform your global compliance strategy securely.
