Australia Post is working with cryptocurrency exchanges to speed up KYC checks through a new proprietary digital ID service, slashing the time it takes for users to verify their new accounts.
The company, which operates Australia’s domestic ‘snail mail’ network, allows users to verify their identity at crypto platforms in minutes, rather than the days it currently takes for exchanges to manually verify user documentation.
As part of anti-money laundering and know your customer requirements, exchanges are currently required to verify the identity of their users, including requesting specific proof of ID documents. The Australia Post service allows for compliant verification, but in a process that takes minutes, rather than days. Customers can then reuse their verified ID across multiple platforms without the need for double verification.
Dubbed Digital iD, the service solves a key problem for cryptocurrency exchanges in Australia by removing these difficulties in the onboarding process. By registering one time with the service, users are then able to use Digital iD on any platform, avoiding duplicating the verification process and significantly streamlining the account creation process.
Josh Lehman, of crypto platform Digital Surge, said the Digital iD platform was already delivering benefits for their customers, and their business.
Lehman told industry publication Micky, “Digital iD allows us to verify the identity of a prospective Bitcoin buyer in minutes, instead of the days it takes other exchanges. For the first time, an Australian can log on to a computer, punch in their driver’s licence or passport details, and be buying Bitcoin within minutes. We wanted to create an exchange that is safe, simple and quick to use, and Digital iD has enabled us to do that.”
Digital iD General Manager Cameron Gough told the news outlet the technology gives consumers more control over the information they share, saying, “Digital iD, gives people more control over the personal data they share with organisations. For example, most people hand over their driver’s licence to prove they can legally go to a bar, but all that is needed is a name and birth date – not that information plus your full residential address.”
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