MAX-Wallet Introduces MAX-Register, a New Feature that Will Simplify KYC
Maxonrow’s MAX-Wallet has added a new feature that aims to reduce data inaccuracy, cut costs, and effortlessly integrate with other platforms while being updated on the latest international KYC and AML standards. MAX-Wallet is proud to present MAX-Register, a seamless and straightforward sign-up login solution that redefines KYC, making the tedious repeating logins and registrations on different platforms a thing of the past.
Every year companies around the world spend huge amounts of resources managing their customer KYC and AML related activities to combat financial crimes and keep up with regulations. MAX-Register is a solution that effortlessly integrates with other platforms when it comes to KYC and AML standards, making transactions secure for both businesses and end-users.
At the moment, users can test MAX-Register, which is already implemented with its first partner, GRXTrade. Testing is easy for users who have already downloaded MAX-Wallet and passed KYC, for users who have not, testing the feature is possible as soon as KYC is approved.
“We are excited about this partnership. GRXTrade prides itself on prioritizing security and user experience. MAX-Wallet is the perfect login solution for us since it has KYC mechanisms embedded in the app. You have to go through the identity verification procedure to get your wallet address, which has a rigorous screening process supported by a diligent support team. Having their team handle the customer KYC and the login process saves us so much time and money. We can focus on launching our digital asset trading platform, which we worked very hard for and are very excited to share with our users.” said Ryan Fellal, GRXTrade’s CEO.
MAX-Register works by encrypting the user’s KYC data. When there is a request from the merchant, MAX-Register will send the encrypted data to the user’s wallet to decrypt (with the user’s permission) before reaching the merchant. Therefore, MAX-Register only has access to the user’s encrypted data which can be decrypted with the user’s private key.
With Global AML/KYC spending of 17.5% to a record $905 Million in 2019, according to a Burton-Taylor Report and KYC is driving up the costs of customer onboarding, MAX-Register comes as a coveted solution with the potential to revolutionize the industry.