The AIR Newsletter.
Hello, and welcome back to the Air communication channel, and it’s great to meet you here once again.
The major focus of today’s newsletter is the Air Platform for enterprise, and specifically within the Know Your Customer (KYC) compliance arena, did you know that the average bank will spend circa $60 million dollars per year on KYC processes alone? This is due in the majority to non-aligned systems and data, leading to duplication of effort to conclude all required KYC and Customer Due Diligence (CDD) processes. Let’s look at how the Air Platform can help to solve this problem.
The KYC Process Today
KYC processes today are proprietary to each institution; however, they share a lot of common components (such as credit rating agency data), but are not generally standardized, with existing systems legacy dependent and non-institutionally integrated. All of this leads to the following sub-optimal situation (which I am sure many of you would have experienced in the past as a customer of such institutions):
The KYC Process Tomorrow
For many institutions, proposing a complete re-engineering of existing KYC systems may be challenging, despite possible cost optimization opportunities. However, we propose an approach based on the Air Platform that allows existing KYC based systems to be mapped to a common data taxonomy, that will allow institutional data and process alignment, and lead to cost optimization opportunities via the streamlining of KYC processes.
As you can see from the above, with the deployment of the Air Platform, a great deal of KYC process optimization potential is identified based on institutional aligned data taxonomy, therefore enabling inter-departmental optimized information flow and operational efficiency gains.
The Monetization of KYC
Based on the aligned data taxonomy noted above, the Air Platform enables a new revenue stream for users and institutions that are willing to share their KYC data with other parties, to simplify onward KYC processes and therefore creating further cost optimization possibilities.
We think you will agree, the Air Platform provides great opportunities for institutions to become operationally efficient in their KYC processes, and allows users and institutions to explore new revenue streams via the potential monetization of KYC data sharing.
The XID Digital Token
The XID digital token, at its highest level is the ‘fuel’ of the Air Platform network, and we have now completed our XID token documentation that overviews the power of Air and XID combined, you can find it here.
Did You Know?
Did you know that the total Digital Identity Management market is due to grow at a Compound Annual Growth Rate (CAGR) of 12.9% to the year 2021?*
The Air Crowdsale will commence on 01 June 2017 at 16:00 UTC via our website, www.sphre.co and cs.sphre.co and run for 30 consecutive days, concluding on 30 June 2017 at 16:00 UTC. We very much hope that you will participate and support this very important project, to enable and secure the worlds digital identity, enable self-monetizaton thereby enhancing wealth creation, and ultimately building a fairer Internet for all.
We hope that you have enjoyed this newsletter, the second in an ongoing series in order to keep you up-to-date with the Air Platform, and its development and go-to-market progress.
We would like to sincerely thank you for your current and continued support of the Air Platform, team and mission.
We would love to hear from you, and please do get in contact at: email@example.com with your comments and queries.