Security Token Platform TokenSoft Adds New Know Your Busines Services Per Latest FinCEN Policies
One of the leading names in digital securities issuance and management platform recently announced the successful testing of their Beta platform. In doing so, they now support Know Your Business (KYB) checks for token issuers for an extensive profile of their customers.
After a successful beta with current clients, TokenSoft is now officially offering KYB (know your business checks) that performs enhanced due diligence per the FINCEN CDD rule.https://t.co/ZDsIvWrYx1
— TokenSoft Inc. (@TokenSoftInc) July 31, 2019
TokenSoft was started after seeing a need for secure and compliant issuances that were not being met. The team worked with attorneys and leaders in the space to understand the needs and built an open-architecture, white-label token issuance platform.
The CEO of the firm Mason Borda says:
“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.”
Mason has spent his career building secure infrastructure to enable the compliant transfer of digital assets. In 2016, he built the first commercially viable custody solution on the Ethereum network. While at BitGo, he helped the company to scale to move over $1 billion in digital assets a month.
Now, Mason is looking forward to adding more features onboard. They want to enable faster onboarding of institutional clients. They additionally want to ensure high-grade Cybersecurity. A data breach involving Capital One recently involved the sensitive personal data of 106 million people exposing social security numbers and bank account numbers.
Compliance is another issue. They have automated their process and in doing so the procedures issuers and compliance teams can benefit from a process that can be easily audited.
KYB Lead Engineer, Randall Leung says:
“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.”