Symphony brings Web3 to KYC with new ID service pilot

Symphony Communication Services is piloting an experimental ID service that uses Web3 and DeFi concepts to automate and reduce the burden of tasks like know-your-customer, onboarding, and reporting.

Nearly two years ago, Symphony Communications Services announced its decision to expand into know-your-customer (KYC) solutions. The move was part of a rebrand that would aim to serve the full client and trade lifecycles.

Now the vendor is experimenting with a new ID service that would create personal digital identities that would be owned and controlled by their makers and would be able to be transported between entities, such as from one bank to another.

Gone are the days of customer

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