SAN FRANCISCO, July 31, 2019 /PRNewswire/ -- TokenSoft, a leading digital securities issuance and management platform, announced that after a successful beta, it now supports Know Your Business (KYB) checks for token issuers seeking to perform enhanced due diligence.
TokenSoft clients can now streamline their investor on-boarding procedures which involve the collection and verification of entity data as well as collection and verification of personal data from the authorized signer, control persons, and beneficial owners of the investing entity.
"In speaking with providers of Know Your Business services, we found that the average processing time for a single entity was ten days. We're excited to introduce a level of automation to the process to bring this processing time down to a few hours." - CEO Mason Borda
A successful alpha test commenced on the eve of the effective date of the FINCEN CDD Final Rule in 2018. This comprised of a roll out to TokenSoft clients and featured a low level of automation procedures with all of the tools necessary to comply with the rule. The alpha version of the KYB product is still favored by institutional clients and is used by TokenSoft Global Markets, an affiliate broker-dealer.
"As KYB can be complicated with many moving parts, our objective was to create a user flow to feel familiar and intuitive to minimize user friction." - KYB Lead Engineer, Randall Leung
TokenSoft looks forward to further supporting institutional adoption of digital securities with the following services:
Faster Onboarding of Institutional Clients — Traditional processing is done through email and processed manually. The TokenSoft platform streamlines the compliance procedures in order to speed up the processing of clients while still ensuring clients and their compliance teams have complete control and oversight over approvals.
Compliance — Automation of compliance procedures generally features a fixed onboarding procedure based on the compliance requirements of the client. By automating the procedures issuers and compliance teams can benefit from a process that can be easily audited.
We're excited about raising the bar for compliance in the security token and digital asset industry. If you want to automate your investor on boarding procedures, please feel free to reach out to us here.
About TokenSoft TokenSoft is a leading technology platform for companies issuing, managing, and planning to custody digital securities on the blockchain. TokenSoft offers a bespoke suite of technology and consulting services to meet the needs of the entire lifecycle of Issuers of a digital security, including on-boarding, distribution, custody, and ongoing administration. TokenSoft supports the highest standards for regulation and compliance, regardless of jurisdiction. The firm's clients have raised nearly $500 million in assets. TokenSoft, Inc. does not provide legal advice or engage in broker dealer services.