Technology solutions are here to make compliance highly convenient for finance firms and broker-dealers.
FREMONT, CA: Digital securities and management service provider, TokenSoft, Inc. has launched its Know Your Business (KYB) service. With this new offering, TokenSoft clients can perform better due diligence with the help of KYB checks. The procedures pertaining to due diligence underwent modifications with FinCEN amendment to the Bank Secrecy Act, and thus, KYB support has become essential for financial institutions.
The KYB update from TokenSoft allows clients to manage client onboarding procedures better. Institutions can collect entity data as well as personal data and conduct verification from beneficial owners and signers in a streamlined manner. The whole process of KYB generally takes around ten days, but with TokenSoft's solution, the automation brings down the processing time to a few hours. It also makes the complex process of KYB simpler by using a highly intuitive interface for user interaction on the application.
The company had previously released a test version of the same feature with lower levels of automation on the same day when new regulations requiring KYB became applicable last year. Many companies showed interest in it, and the tools found many takers, which led to the experimental release being successful. The alpha version is still in use and finds favor with many clients. The company expects that the full version will also see widespread institutional adoption.
Client processing is much faster and at the same time, completely compliant to regulations. Traditional processes which involved manual steps are now effectively replaced by TokenSoft's automatic onboarding tools. These give a higher degree of control, along with making client data more secure. Security is essential because KYB involves sensitive data, and the new feature makes security a priority too. Automation makes regulating compliance easier and offers quick audit mechanisms to check for loopholes.
The company is a key provider of primary issuance and compliance-related services to issuers, finance firms, and real estate companies on the blockchain. It provides its clients with customized solutions that help them in streamlining asset tokenization and adhering to applicable regulations. TokenSoft's consulting services are designed to provide clients with expert guidance.