KYC Verify Process

Description

If data about the enterprise has been changed the Bundesanzeiger revokes the corresponding credentials. The bank periodically checks the revocation status of the credentials of their customers. If the bank detects a revoked credential it enters a risk into its risk management system and informs the customer to present a new credential. When the bank receives the new credential it removes the risk from its risk management system.

Prerequisite

The bank has a customer relationship with the enterprise, e.g. the enterprise has a bank account at the bank and has already presented its Enterprise Credentials in the past.

• Open Bank Account

Workflow

Sequence diagram

Steps

• (1) The bank periodically checks the revocation status of the Enterprise Credentials
• (2-7)
  • IF a credential has been revoked THEN
    • The bank updates the risk status to Pending and requests a new credential from the enterprise. The enterprise is providing the credentials automatically. There is no human being involved. The presentation is signed using the enterprise DID.
    • IF the bank receives the new credential THEN
      • The bank updates the risk status to No risk
    • ELSE
      • The bank updates the risk status to Critical
    • ENDIF
  • ELSE
    • The bank updates the risk status to No risk
  • ENDIF

Result

• The risk management system of the Bank shows the updated risk status of the customer.