Financial and capital markets use the KYC (Know Your Customer) system to identify "bad" customers and minimise money laundering, tax evasion and terrorism financing. Efforts to prevent money laundering and the financing of terrorism are costing the financial sector billions of dollars. Banks are also exposed to huge penalties for failure to follow KYC guidelines. Costs aside, KYC can delay transactions and lead to duplication of effort between banks.
Corporates leverage their immovable, movable and intangible assets to raise debt. This creates charges such as hypothecation, lien, mortgage, pledge.
Primechain-eKYC is a permissioned blockchain for sharing and monetizing corporate KYC and charge related records.
Primechain-eKYC records are stored in the blockchain in an encrypted form and can only be purchased by banks that have been "whitelisted" by the issuer bank. This ensures data privacy and confidentiality while at the same time ensuring that records are shared only between banks that trust each other.
To prevent frauds such as the recent Rs. 11,000 crore Letters of Undertaking (LoU) scam, Primechain-GUARANTEE, a blockchain for recording LoU, Bank Guarantees, Letters of Credit and other Documentary Credits has been developed.
The LoU scam took place because fraudulent bank employees issued Letters of Undertaking:
- without following the processes,
- without securing adequate collateral and
- without recording the transactions in the bank's core banking systems.
Primechain-GUARANTEE records are stored in the blockchain in an encrypted form and can only be viewed by banks that have been "whitelisted" by the issuer bank. This ensures data privacy and confidentiality while at the same time ensuring that records are shared only between banks that trust each other.
Just as "bad" customers pose a huge threat to the financial and capital markets, "bad" employees pose a massive threat to employers (companies, Government agencies, organisations). Employers use background checks to make informed placement decisions, retain the most qualified candidates, and mitigate the risk of selecting the wrong candidate. This minimizes workplace violence, fraud, embezzlement, and theft. [Source: National Association of Professional Background Screeners]
An analysis of data compiled by the Reserve Bank of India has revealed that on an average, at least one banker is caught and punished for involvement in fraud every four hours. According to the data, as many as 5,200 officials of public sector banks have been punished for fraud between January 1, 2015 and March 31, 2017. [Source: Outlook India]
Primechain-EMPLOYEE is a blockchain that allows trusted employers to share employee records in a transparent, secure and confidential manner. These records can be used by trusted employers to conduct comprehensive background checks of new employees at a fraction of the current background verification cost. Today, employers spend money on employee background verification. With Primechain-EMPLOYEE, employers can turn this from a cost into a revenue stream.
Companies enter into thousands of contracts with their vendors, partners, customers and employees. Contracts can have huge legal and financial implications and hence it is essential for all companies to have a robust paper-less contract management system.
Primechain-CONTRACT is a permissioned, private, blockchain-powered solution for contract management - secure storage, authentication & verification.
Primechain-CONTRACT can be setup on your public / private cloud or your servers on-premise. In both options you have 100% control over all your data.
Primechain-P5 is a permissioned blockchain for near real-time cross-border remittance at near zero cost. Some of the key features of P5 are:
+ 100% API driven technology
+ full transaction history and a single source of truth
+ enablement of real-time monitoring by regulators
+ minimisation of fraud
+ minimisation of locked-in capital
Primechain-VENDOR is a permissioned blockchain for
1. Vendor on-boarding
2. NDA generation & signing
3. Vendor rating
Primechain-VENDOR records are stored in the blockchain in an encrypted form and can only be viewed by organizations that have been "whitelisted".
Non-performing assets (NPAs), restructured loans, assets under reconstruction and written-off assets - collectively called 'stressed assets' have become a multi-trillion dollar challenge for the global banking sector. For a list of global NPA statistics, see: https://data.worldbank.org/indicator/FB.AST.NPER.ZS?view=chart&year_high_desc=true
Primechain-ASSET is a permissioned Blockchain for creating a transparent and competitive market for stressed assets.
Key features include:
Primechain-INVOICE is a permissioned blockchain that enables suppliers to sell their invoices at a discount to investors. This enables suppliers to get faster access to money they are owed and enables buyers to get more time to pay.
Instead of relying on the creditworthiness of suppliers (usually smaller businesses), the investors deal with buyers (usually large businesses). This can lower financing costs, optimize working capital and improve business efficiency.