SAP's Crypto Revolution: Cross-Border Payment Revolution 🤯

GM! Yakuza here 👋🏼

SAP, the leading Enterprise Resource Planning (ERP) software company, is breaking barriers in cross-border payments by embracing cryptocurrencies.

But first, let's understand what SAP is all about. SAP offers integrated business applications for companies, covering finance, human resources, supply chain, manufacturing, and customer relationships.

Now, let's explore SAP's trials with USDC and Ethereum 👇🏼

What's going on?

👉🏼 SAP is conducting cross-border payment testing using USDC on Ethereum's Goerli testnet.

👉🏼 This initiative aims to address the challenges of slow and expensive cross-border transactions.

The Backstory:

👉🏼 Cross-border payments face issues like sluggishness, high costs, and a lack of transparency.

👉🏼 SAP aims to leverage blockchain-based payment processes to revolutionize cross-border payments within their ERP solutions.

👉🏼 They are exploring use cases of cryptocurrencies beyond cross-border payments.

👉🏼The partnership between SAP and Circle, the fintech firm behind USDC, can drive Ethereum-based crypto adoption.

So, What's the Point?

👉🏼 SAP's cross-border payment testing with USDC demonstrates their commitment to innovative solutions.

👉🏼 Integrating blockchain-based payment processes aims to provide a seamless experience for digital currency payments within SAP's ERP solutions.

👉🏼 The collaboration with Circle and the use of USDC can potentially lead to broader adoption of Ethereum-based cryptocurrencies, revolutionizing the payment landscape.

In conclusion, SAP says it’s “as easy to use as online banking” and “a true solution for businesses”

I guess they got it 😉

🌿💫 Lensverse Updates

Nader Dabit | Nader.lens Can’t Stop Killing It 🔪

nader dabit | nader.lens

@dabit3

Today I'm releasing Lens Algorithm Playground

It's an app that gives you access to various @lensprotocol APIs and algorithms available for developers building on Lens Protocol - the people-powered social layer.

The code is open sourced here:
github.com/dabit3/lens-al…

You can try…

🌿 Lens Improvement Proposals

Lens Protocol

@LensProtocol

LIP-4: Profile Guardian.

We're creating a proposal to add a safety layer into Lens Protocol profiles to help Lens users to protect against phishing scams.

Lens Protocol

@LensProtocol

NFT owners including Lens profiles have been recently targeted with phishing attempts. While its disheartening to see people lose their NFTs or profiles, we want to be proactive an innovate on the safety standards for NFTs.

Lens Protocol

@LensProtocol

Disabling it will activate a 7-day cooldown period. During the 7-day cooldown period, services such as Lens API can track and provide the data to clients, who can notify users that their profiles are in an unsafe state, and recommend actions to secure the profile.

Lens Protocol

@LensProtocol

We hope Profile Guardian inspires others to improve end-user security when interacting with NFTs, especially as more users onboard into the web3 space.

Lens Protocol

@LensProtocol

Full Proposal:

github.com

[LIP-4] - Profile Guardian by donosonaumczuk · Pull Request #18 · lens-protocol/LIPs

title: Profile Guardian description: Introduce a safety layer to Lens Protocol profiles author: Lens Protocol Core Team status: Draft type: Protocol created: 2023-07-01 Motivation Due to recent in...

Crypto KYC Transforms Online Security - Stay Secure, Stay Verified

Revolutionizing Identity Verification in the Digital Age

In a today's digital world, secure identity verification is of utmost importance. Establishing trust, complying with regulations, and protecting businesses and customers rely on effective Know Your Customer (KYC) processes.

This article focuses on innovative technologies and techniques that are revolutionizing KYC, making it faster, more secure, and more user-friendly. It provides valuable insights into the world of KYC in the digital age and how it is transforming online security.

Tell me more about KYC

KYC stands for "Know Your Customer" in the context of crypto, blockchain, or web3. It refers to the process used by financial institutions and crypto protocols to collect and validate the identity of users.

Crypto KYC procedures are carried out to ensure that users are not engaged in illegal activities such as money laundering and to comply with regulations aimed at stamping out financial privacy.

KYC involves customers providing basic identity information. Moreover, this information is verified with publicly available information. Ongoing and constant KYC checks are becoming necessary. Furthermore, compliance with KYC regulations can be troublesome and associated with issues of centralization in the crypto industry.

The 3-step verification process for crypto KYC

First, the specific steps of the crypto KYC verification process may vary depending on the institution or platform implementing it. However, a typical three-step verification process may include the following:

Document Verification: To begin with, users are required to submit valid identification documents such as a passport, driver's license, or national identification card. The institution or platform will verify the authenticity of these documents by comparing them with a government database or using third-party verification services.
Identity Verification: In this step, users may be asked to provide additional information to prove their identity. This can include providing personal details like name, date of birth, address, and sometimes even a photograph or a selfie for facial recognition.
Address Verification: Users may need to provide proof of their residential address. This can be done by submitting documents such as utility bills, bank statements, or government-issued documents that show the user's name and address.

During the verification process, the institution or platform may also conduct additional checks, such as screening against anti-money laundering (AML) and counter-terrorism financing (CTF) watchlists or conducting background checks on individuals or entities involved.

The actual verification process may differ across different platforms and jurisdictions.

Types of documents for verification

To put it into perspective, the types of documents that may be requested for verification can be classified into five types.

Proof of Identity (POI): This can include documents such as a passport, national identity card, driver's license, or any other government-issued identification document that verifies the individual's identity.

Proof of Address (POA): This can include documents such as a utility bill, bank statement, rental agreement, or any other official document that confirms the individual's residential address.
Proof of Income (POI): In some cases, institutions may require proof of income to assess the individual's financial status. This can include documents such as salary slips, income tax returns, or bank statements showing regular income deposits.
Bank Statements: Institutions may require recent bank statements to verify the individual's financial transactions and activities.
Business Documents: For business accounts, additional documents such as business registration certificates, partnership agreements, or tax-related documents may be required.

It's important to note that the specific documents required may vary, and individuals should refer to the institution's guidelines for crypto KYC verification.

Customer Identification Program (CIP)

Next, I will describe to you the Customer Identification Program. The CIP was developed in 2001 as a result of the USA Patriot Act. This required financial institutions must collect four pieces of identifying information:

Name
Date of birth
Address
Identification number

However, these institutions are not limited to the four collection pieces. They can also collect basic pieces of data, such as a selfie, email address, phone number, and even personally identifiable information (PII) through authoritative databases.

Additionally, they may actively perceive and collect information such as IP addresses, especially if a customer is considered high-risk. Another key point here is the type of data collected may vary depending on the company and its location. However, the four pieces of data listed above are the minimum requirements to establish a customer’s identity and comply with anti-money laundering (AML) and know-your-customer (KYC) regulations.

Customer Due Diligence (CDD)

I was reading on identity.com, and they mention there are four components of KYC. The first was CIP. The second component of crypto KYC is Customer Due Diligence (CDD). The Financial Crimes Enforcement Network (FinCEN) is responsible for making sure the process works smoothly.

CDD refers to collecting and verifying user data. One can’t go to sleep during this process. It requires a high level of attentiveness and carefulness. To be careless means some customers may submit fake or forged credentials. Unfortunately, this is one of the weaknesses of the traditional KYC procedure. To address this issue, FinCEN implemented several levels of CDD to collect needed data and understand any pending risks.

Continuous Monitoring (CM)

Lastly, continuous monitoring (CM) is part of customer due diligence. In short, this involves monitoring users’ transactions and activities over time. If suspicious activity is discovered, a Suspicious Activity Report (SAR) needs to be filed with FinCEN and other relevant law enforcement agencies.

I have only touched on crypto KYC. There is more information that we can touch on in the future.

Conclusion

We have gone through a lot of content in this article about security and crypto KYC. We started by covering it more in detail by explaining what it is and progressing into the three-step verification process. Next, we delved into the types of documents used in KYC. In addition, we talked about the components of KYC beginning with the customer identification program, the customer due diligence, and finally continuous monitoring.

By understanding the basics, staying safe online, mastering digital communication, and embracing digital citizenship, you are well on your way to learning another piece of the digital world. Remember to keep exploring, learning, and adapting to new technologies as they emerge. The digital world is full of endless possibilities, so go ahead and embrace and enjoy the digital revolution with confidence!

🌟 An interesting Article That Shows The Problems We Are Solving in Web3

https://www.ladbible.com

People stunned after realising what clicking 'I am not a robot' actually does

The findings are more complex than you'd think

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SAP | KYC | LIP | DAO