Softlogic Information Technologies
Pre-printed cards EMV/Visa/Master
EMV is a payment method based upon a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. EMV originally stood for “Europay, Mastercard, and Visa”, the three companies which created the standard. EMV cards are smart cards, also called chip cards, integrated circuit cards, or IC cards which store their data on integrated circuit chips, in addition to magnetic stripes for backward compatibility. These include cards that must be physically inserted or “dipped” into a reader, as well as contactless cards that can be read over a short distance using near-field communication technology. Payment cards which comply with the EMV standard are often called Chip and PIN or Chip and Signature cards, depending on the authentication methods employed by the card issuer, such as a personal identification number (PIN) or digital signature.
Robotic Process Automation (RPA)
Robotic process automation (or RPA) is a form of business process automation technology based on metaphorical software robots (bots) or on artificial intelligence (AI)/digital workers. It is sometimes referred to as software robotics (not to be confused with robot software). In traditional workflow automation tools, a software developer produces a list of actions to automate a task and interface to the back-end system using internal application programming interfaces (APIs) or dedicated scripting language. In contrast, RPA systems develop the action list by watching the user perform that task in the application’s graphical user interface (GUI), and then perform the automation by repeating those tasks directly in the GUI. This can lower the barrier to use of automation in products that might not otherwise feature APIs for this purpose.
RPA robots are capable of mimicking many–if not all–human user actions. They log into applications, move files and folders, copy and paste data, fill in forms, extract structured and semi-structured data from documents, scrape browsers, and more.
Block Chain based KYC
Blockchain-based KYC platforms will allow for the active monitoring of everything from account openings to day-to-day transactions. When combined with smart contracts that will have predetermined criteria to spot fraudulent activity etc., these new platforms will be able to alert banks to any wrongdoings.
The immutability aspect of blockchain is also quite handy in the context of creating trust between parties involved in the KYC process. The ability to trust data stored on a KYC blockchain software solution removes the need for secondary validation processes or cross-checking.
Finally, a distributed ledger system makes the reporting and communication processes more efficient, saving time and money. Since parties can easily access reliable data, processes, mistakes. and fraud can be detected far more quickly.
This is particularly true when it comes to mistakes, which with conventional systems, take a lot of time to be identified, reported, and solved.
KYC blockchain implementation is not limited to banks or financial institutions. There is a wider scope of application among industries that require authenticated user identification.
The KYC registry on a blockchain could be accessed by many industries in addition to banks and other financial institutions. Many of these small companies and organizations require these data for different purposes such as verifying identifications before issuing membership cards etc.
Tax authorities could also access it to speed up their internal processes. Other industries that require user data from such registries include judicial, credit rating agencies, stock exchanges and so on.
Block Chain based Document Management System
In the case of document flows in companies, blockchain assures something similar. It’s about using these distributed networks of equipment (either anonymously on a global scale or in a private, bounded network) to verify and validate all the documents entering and leaving our organization.
In a file system based on blockchain, we can instantly verify the location of a particular document, who created it and when it was last modified, detecting any attempt to manipulate it. This is possible thanks to a unique fingerprint for each element that we introduce in the chain (an ID generated by algorithms) that allows us to identify each file within our perimeter of action. This information is also accessible to any partner of the organization authorized to do so – which provides maximum transparency in document processes – and we will also be able to obtain the relevant approvals established in our work processes.
On the other hand, it avoids the classic problem of duplications and the use of different versions of the same file, since as soon as a person modifies the file, the system will automatically register this update so that no misunderstanding occurs in the management of different files.
Among all the documentary possibilities offered by the blockchain, one of the most interesting for companies is the smart contract. In these cases, we are facing digital contracts that include a linear sequence of actions where each one of them enables the following one. This means that there is no need for an intermediary – read notary or similar – to certify the compliance with certain commitments between two companies or between the company and an individual: with blockchain, the system itself prevents any of the parties from altering or taking advantage of the document in question. On the other side of the coin, the Public Administration can use the blockchain to ensure the integrity of public tenders without having to assume the documentary custody of the bids presented, something in which the government of Aragon, among others, is already immersed.