Trunomi joins forces with Shyft Network to launch interoperable Global e-ID and KYC framework
Trunomi data rights management solution enters partnership with Shyft Network
June 5, 2018 – 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.
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. At Trunomi’s core is an advanced distributed ledger that captures consent in real time, generating auditable and immutable consent receipts (TruCerts™), that allow data rights to be integrated across enterprise systems using the Trunomi Data Rights building blocks (APIs). TruCerts™ can be shared or made accessible between customers, exchanges, regulators and digital businesses to complete critical data sharing tasks such as customer account opening, onboarding, KYC/AML, data sharing all in compliance with the strictest global regulations, including the recently enforced E.U. General Data Protection Regulation (GDPR).
"Trunomi's immutable consent framework and data rights management technology is an integral part of our global ID and KYC vision by enabling privacy by design, and proving accountability in data use and full transparency and interoperability across multiple markets and systems,” Bruce Silcoff, CEO of Shyft says. “Global data privacy laws now firmly put the customer in control of the relationship and ultimately their own data and identity, which can only be shared with the consent of the consumer, for a specific purpose and they need to be able to easily revoke this consent. Trunomi is capturing, tracking, proving and sharing these data permissions to all parties and providing real time tools to adjust these rights."
Shyft is building the world’s first modern, secure, multi-stakeholder Blockchain-based digital identity solution that enables KYC/AML attested data transfers. Combining privacy of data with efficiency of attestation, Shyft technology will radically streamline and simplify data collection, reduce cost and minimize the cybersecurity risks inherent in traditional compliance systems, while making the global economy accessible for all, by creating credible reputations for the 3.5 billion consumers who are lacking “identities” by today’s standards. Shyft is building a more financially inclusive future for everyone. If you are interested in working with Shyft and integrating your solution with our platform, please get in touch through email@example.com. For more information on Shyft, please visit www.shyft.network.
Trunomi unlocks the power of customer data using consent and a data rights management. The Trunomi platform enables businesses to request, record and immutably prove the legal basis for processing personal data and comply with the highest standard in global data privacy laws. For the customer it provides control and transparency over how their personal data is used. The platform is an enabler of the evolving personal information economy and provides key enabling technologies for a more flexible, transparent, empowered and customer-driven world. Trunomi was founded in 2013, with offices in Silicon Valley, Bermuda and London. Trunomi filed multiple patents for its technology and has raised over $13M USD in Venture Capital funding from three seed rounds (investors include: Saturn Ventures, Fenway Summer, Fintonia, SenaHill, WorldQuant, CloudScale Capital Partners). For more information, please visit www.trunomi.com.