In the world of financial services, the stakes around data sharing, compliance and customer trust are higher than ever. Sedicii, through the PHACKS project (co-funded by the European Union), provides a forward-looking solution that provides secure collaboration capabilities without the need to share data. It empowers banks, regulators and industry generally to verify and collaborate safely, paving the way for faster, more secure services that can scale across borders and jurisdictions. Through its work in Ireland with PTSB Bank (PTSB) and the Central Bank of Ireland (CBI), Ireland’s financial services regulator, Sedicii is proving that it’s not only possible but essential to deliver smarter, safer customer verification in the new customer onboarding process.
The foundation for this success lies in PHACKS project’s core capabilities: enabling institutions to work together on identity verification and anomaly detection without ever exposing the underlying customer data. Using privacy enhancing technologies such as zero knowledge proofs and secure multiparty computation, organisations can ensure sensitive information stays protected—even while insights are shared.
This approach has already begun to reshape how financial institutions in Ireland approach Know Your Customer (KYC) processes. In partnership with PTSB, Sedicii has piloted a solution that digitises and simplifies new customer onboarding. Instead of relying on manual steps or submitting paper documents to multiple parties, customers can now provide their identity information through a secure digital channel, where it is instantly verified with the relevant authority. This reduces friction in the onboarding process, shortens time to verification, reduces instances of fraud succeeding and improves overall user satisfaction.
The collaboration with PTSB also served as a springboard for Sedicii’s selection into the Central Bank of Ireland’s first Innovation Sandbox—a competitive programme that supports technologies aiming to fight financial crime. Together with PTSB, Sedicii delivered a platform to improve the proof of address verification process by using a collaborative digital process instead of the traditional paper-based one. This specific use case illustrates how Sedicii’s service can help close one of the key vulnerabilities in financial onboarding, offering a more robust and privacy-compliant alternative to traditional methods.
In essence, through the PHACKS project, Sedicii has enabled a future where banks and other regulated entities can meet evolving regulatory demands while delivering seamless digital services. The success with PTSB combined with the recognition given by the CBI showcase demonstrates how practical, scalable and impactful privacy-preserving technology can be—not just as a compliance tool, but as a competitive advantage in modern financial services.