Blockchain startup Netki has announced the launch of its Digital Identity Service, which provides automated onboarding and validation of new customers, and easy sharing of digital identities, thereby closing a critical compliance gap that limits blockchain innovation and adoption.

The startup also announced its first customer deployment with Bitt, a Caribbean-based fintech company offering mobile wallet and low-fee service for sending and receiving money globally. Users can process transactions from their mobile device and send payments for goods or services locally from island to island, over the internet, or directly to friends and family anywhere around the world.

Netki Digital Identity Solutions are being used with Bitt’s Mobile Wallet, Merchant Processor, Teller, ATM, Debit Card, and Exchange. Bitt is providing the payment network to interconnect the Caribbean using the blockchain to form the Caribbean Settlement Network.

“Bitt joined forces with Netki as part of our ongoing initiative to bolster compliance efforts and provide an effective means for all people, including underbanked individuals to engage in the global economy through digital payments that are low cost, secure, easy to use and highly efficient,” said Gabriel Abed, CEO of Bitt.

The Netki Digital ID Solution manages the onboarding process through identification, know your customer requirements, and compliance. It enables easy capture of an individual's documents and biometrics via their smartphone, along with multiple levels of automated and manual verification –including database checks, machine learning and biometric analysis. Netki issues certificates for communication between peers using the BIP75 protocol where identities are exchanged meeting risk and compliance regulations. The Netki solution also streamlines onboarding of new customers, merchants, and banks to use this process.

The Digital ID solution works across both private and public blockchains, and can be embedded into a variety of finance, healthcare and business applications.

“For new innovation, inclusion and value creation to happen on the blockchain, financial institutions must meet risk and compliance regulations, which Netki provides through its Digital Identity Service,” said Justin Newton, CEO of Netki. “With a digital identity standard in place, financial institutions can realize the benefits of blockchain, expand their service offerings and market coverage.”

Netki is also working globally with major business and technology partners, including IBM and PwC Australia and others, to drive mainstream adoption of blockchain and digital identity.