KYC Verified Credential Issuer

Implement and agent that delivers a Verifiable Credential to a validated identity from a trusted resource

The team has relevant experience in fintech, credit, technology and human develop, with track record of contributions to Catalyst community.

INTRODUCTION

The Know Your Customer (KYC) regulations require that professionals make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship.

Initially, the objective of KYC guidelines was to prevent businesses from being used by criminal elements for money laundering. However it was extended to enable businesses to better understand their customers and their financial dealings.

This project is to provide an Agent in the Decentralized Identity ecosystem that delivers a Verified Credential with the result of a KYC onboarding process. The result of the KYC process should be delivered by a trusted service provider. In brief, this project involve two main tasks:

1. Research and negotiate with a trusted company to provide the KYC onboarding resources
2. Implement an AGENT that act as an ISSUER that can provide a Verified Credential that stated the result of the KYC onboarding process

Providing this service will enable numerous projects from the community to have a means to comply with KYC regulations and better understand its customer.

PROJECT DETAILS

The project is divided into two main tasks, the first one is related to business matters and the second related to the technological implementation.

TASK 1: Deal with a KYC service provider

Relevant activities in this task are:

• Research potential service provider candidates
• Negotiate a service agreement and close deal
• Sign contract
• Develop an implementation business model
• Develop a governance model
• Bring marketing and technical information

ESTIMATED BUDGET:

• 170 hours of work at rate $100/hr: USD 17.000
• Purchase of initial 500 licenses for trials and demos: USD 500

ESTIMATED DURATION: 6 weeks

TASK 2: Implement Issuer Agent

Relevant activities in this task are:

• Develop the Agent capable of receiving requests and submitting Credentials
• Develop the connector to the service provider KYC API
• Deploy the system on cloud
• Provide demos and documentation

ESTIMATED BUDGET:

• 180 dev hours at rate $100/hr: USD 18.000
• Cloud infrastructure (1 year): USD 1.800

ESTIMATED DURATION: 8 weeks

TOTAL BUDGET AND DURATION

• Total budget: USD 37.300
• Total duration: 3 months

PROJECT TRACKING

The project will be tracked with progress report and KPI metrics as follows:

• a progress report stating the advancement of KYC partner discovery
• an internal document with pros and cons of candidates, risk analysis and final decision
• an internal document with business and governance model
• sprint burndown KPI metrics for development phase
• progress of deliverables based on estimated time

RISK ASSESSMENT

The team is aware of the risk involved when dealing with contractual terms with financial related institutions. Base on the experience, we will implement a strategy to look for companies with diverse approach to the service (i.e. more financial vs more technical) and with a variety of position in the market (i.e well established with traditional models vs new and innovative flexible companies)

THE TEAM

The team has relevant experience in fintech, credit, technology and human develop, with track record of contributions to Catalyst community.

QUASAR: omnipresent

PATRICK: Patrick Rivenbank

Self-employed, on Team Human. Enterprise technology executive, specialization in fintech (mostly US) with experience in healthcare, manufacturing, education, and workforce development. Believes people aren't broken - we just need to fix the systems.

RODO: Rodolfo Miranda

https://www.linkedin.com/in/rodolfomiranda/

His background includes a MS EE degree at Stanford University and more than 25 years of successful work experience in both large multinational companies and owned startup projects. His main activities involve architecting, developing, and implementing large scale software solutions for the Telecommunication Industry. He leads multi-disciplinary and multinational teams in the Caribbean and Latin America.

More than 40 years of self-taught programming with advanced knowledge on many coding languages. Lately, he was engaged in blockchain technologies and joined Cardano community where he:

• Submitted and received funding for his proposal in Fund 6: https://cardano.ideascale.com/a/dtd/Interoperability-as-growth-driver/368705-48088
• Delivered a DIF side-tree implementation on top of Cardano: https://github.com/rodolfomiranda/sidetree-cardano
• Participated as Community Advisor in Fund 6
• Is one of the members of the Challenge Team for Fund 7 challenge "Grow Latinamerica, Grow Cardano"
• Is part of the first cohort of the Atala Prism Pioneer Program