Shyft, the global blockchain-based network that facilitates the secure sharing of attested and compliant data, has announced the signing of a Letter of Understanding with Bitt, a Barbados-based fintech company that facilitates secure peer-to-peer transactions through its mobile payments software, mMoney.
As part of this partnership, Bitt will become an active ecosystem participant utilizing the Shyft network for data transaction needs across Caribbean territories.
Shyft’s data transaction network allows participating financial institutions to act as ‘trust anchors’, perform attestations, and share trusted and verified data among customers participating in the pilot. The two leading companies will leverage their respective strengths in a mandate of strengthening corresponding bank connectivity while reducing costs associated with KYC and AML compliance.
“There are strong synergies between our two companies to propel Barbados and the broader emerging markets of the Caribbean and to boost economic growth and competitiveness. We will focus on creating a highly-secure, transparent and inclusive financial environment for all citizens of all these regions”
“As we continue to make inroads in the Caribbean, Shyft will bring their services to institutions and clients that need it. This is particularly relevant in Barbados with the deployment of mMoney, where institutions are seeking to leverage the extensive KYC verification functions of mMoney in combination with Shyft’s secure KYC warehousing network.”