The expansion of the already implemented system within the Department of Registrars of Persons to verify NIC details is expected to be expanded to more institutions in the future. The issue of how to be able to maintain updated personal information accessible by multiple institutions was noted and the need to have data sharing while at the same time respecting individual privacy was discussed.
PayMedia CEO Kanishka Weeramunda made these predictions at a recent webinar by Bridge Advisory and Consulting held on 17 February.
At the webinar, the potential use of blockchain technology to help create identity markers for use by businesses and entities was discussed. The Central Bank of Sri Lanka has already looked into Proof of Concepts and tested these ideas over the last year.
The scope for shared KYC data is relevant to a lot of entities and would help bolster regulatory compliance while at the same time lowering administrative expenses for firms.
Under the existing infrastructures, large scale financial institutions have been given access electronically to databases within the Department of Registration of Persons which assist the entities in establishing the authenticity of data of a NIC. At the webinar, it was discussed that the need to prove residence by way of a utility bill or other similar mechanisms was both outdated and a deterrent to many individuals accessing financial services.
Mastercard Country Manager Sandun Hapugoda acknowledged the massive role that MasterCard plays in providing verification services for online transactions. He noted that there was complex technology at play including predictive analytics that helps ensure that individuals are able to transact online with their credit card information.
Bridge Advisory and Consulting CIO Sanjay Mendis said that the future of a lot of currently centrally verified information would over time transition into the blockchain. He noted that Blockchain technology had evolved over the years and now they were in the iteration of very privacy and security-focused implementations of the technology.
Issues surrounding data integrity and reliability were discussed. The ability to be able to update information at a central point and then have that information update with multiple entities was also discussed.