Sum&Substance, one of the most trusted digital Know-Your-Customer service providers, was chosen by WONO team to become a partner for the P2P platform we're working on.
A proper KYC is a mandatory basis for every service which involves any kind of payments. On WONO platform users can encrypt your name and personal details not to show it to everyone, but the platform needs to have this data, for a couple of reasons.
First, we need this in case of possible fraud or other kind of crime. For example, if the renter damages your property, he or she can be found and sued.
Second, identification will let us create a user rating system which can't work without KYC because anonymous user can register unlimited number of accounts and won't care about reputation.
Since KYC requires special software and expertise, we decided to involve a third party company for that, and chose Sum&Substance. For now we've signed a partnership agreement and on one of the next platform development stages we'll integrate their solution to the WONO platform. Stay tuned!