Digital Digest: The Latest Tech News - Backbase, Maxonrow

Editorial Staff

3 March 2020

Backbase
Digital banking firm , a firm using blockchain distributed ledger technology, has said that it has added a new feature to its MAX-Wallet offering which cuts costs and errors to help people meeting KYC and anti-money laundering controls.

The new feature is called MAX-Register, a sign-up login solution that gets rid of the tedious repeating logins and registrations on different platforms that people often contend with.

At the moment, users can test MAX-Register, which is already implemented with its first partner, GRXTrade.

"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,” Ryan Fellal, GRXTrade’s chief executive, said. “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,” he said.

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. MAX-Register only has access to the user's encrypted data which can be decrypted with the user's private key.