Everest partners with Oracle Financial Services, a leap forward for traditional FIs to adopt blockchain-based technologies

By Pavithra R

Everest, a regulated fintech company with blockchain solutions for biometric identification, custodian, and banking services, has announced collaborating with Oracle Financial Services to enable customers to use Everest’s Application Programming Interface (API) and adopt identity verification and biometric identification services.

Everest’s technology provides Oracle with the ability to bring identification verification and validation services to major FIs across 180+ countries. The company’s API offers:

• Identification Verification: The ability to verify a prospect, employee, or entity without being in a physical location.
• Remote onboarding and electronic Know Your Customer (eKYC): The remote, paperless process that minimizes the costs and traditional bureaucracy in the KYC process and helps verify a customer’s credentials.

“The integration of Oracle FCCM with our Identity Verification and eKYC arms banks with the infrastructure to leverage the latest technologies and propel banking into the 21st century,” says Bob Reid, CEO, and co-founder of Everest.

The Oracle Financial Crime and Compliance Management (FCCM) product portfolio provide AML capabilities across the value chain along with comprehensive data management and advanced analytics capabilities. Integrating with Everest’s identity verification and biometric identification is expected to enhance the Oracle FCCM KYC services and reduces silos and redundancies within the KYC onboarding process.

“Integrating Everest’s identity verification and eKYC services with our FCCM platform augments our expanding partner ecosystem and enables better KYC effectiveness for our global customer base. We are enabling our customers and financial institutions with the capabilities needed to remotely onboard customers across multiple jurisdictions, especially during the ongoing pandemic,” said John Edison, vice president and head of Financial Crime and Compliance Management Products, Oracle Financial Services.

Founded in 2016, Everest is a next-generation blockchain company that enables the full suite of financial services, including user and business account creation with eKYC and regulatory-compliant transaction tracking and validation. It offers a decentralized platform that incorporates a massively scalable payment solution, EverChain, with several utilities; a multi-currency wallet, EverWallet; a native biometric identity system, EverID; a flexible value tracking token, the CRDT; and the API gateway.