An account is created by an individual or business (“Customer”) on the ivyKoin platform. The client’s Know Your Customer (“KYC”) information is stored in our database. An individual hash and user ID is generated. Upon validation, the client creates a user address (or several addresses) on the platform. Verified users are marked as such, and their information is securely stored on ivyKoin.
The customer may initiate a transfer of cryptocurrency to a public address, without embedding KYC or transaction specific payment data into the transfer. However, the Customer may select to make a “Business Class” transfer (recommended for transfers above $10,000). At this point the Customer is prompted to disclose some information about the nature of the transfer. Depending on the purpose of the transfer; the Customer will be asked to input certain information which is not only basic KYC, but transaction specific information which is highly relevant to traditional banks on either side of the transfer.
Customer account information is saved within the system to avoid repetition of data entry on subsequent transfers.
Business Class transfers using ivyKoin automatically generates a PDF of a Currency Transaction Report (“CTR”) for each transfer over $10,000. This is the report required to be generated under regulation for payments greater than $10,000, and is provided to the banks when converting ivyKoin back to fiat currency.
ivyKoin will work on integrations with existing bank software, to make the distribution of KYC and transaction specific data into the right place in their system, automatically. Depending on the type of financial transaction being performed, there are different data points that financial institutions and regulatory authorities may need to see to confirm legitimacy of the payment. While not all data points are required for each transaction, ivyKoin is in the process of building a platform to accommodate more than 70 data points, which will be utilized depending on the nature of the transaction.
Payment information will be securely stored in the blockchain, and therefore cannot be deleted. Ethereum blockchain is public, which means banks and other institutions can listen/check all transactions stored in it. Access keys can be provided to Banks in order to access KYC and payment specific data. Using a unique key, banks can decrypt data to verify payment legitimacy on specific transactions, without being able to view everyone else’s transaction specific data.