Horizon Globex offers a suite of blockchain software applications for compliant issuance and secondary trading of digital securities. The firm has now announced the launch of KYCware, a one of its kind advanced KYC software solution built on the Ethereum blockchain to help digital securities issuers streamline the onboarding and identity verification process for investors globally.
Problems of current systems: Majority of financial institutions and firms rely mostly on a manual and paper-based system when it comes to issuing securities. It can take upto 5 – 10 days for issuer’s bank to gather materials and to organize them for KYC review and AML screening. Overall, it comes out to be a very long and inefficient process.
Introduction of KYCware
An easy to download app from Apple store and Google Playstore, Globex KYCware offers issuers a white-label onboarding app branded and customized to the company’s specific digital securities needs and participating investor jurisdictions. It is the first investor onboarding app that consists of an integrated US Broker-Dealer Subscription Booklet, W-8Ben submission and SEC Reg D 506(c) Investor Accreditation which works towards dramatically shortening the investment process.
As KYCware is connected to the blockchain, all KYC submissions are logged with a permanent immutable hash on the Ethereum blockchain, which allows for independent verifications and adds to investor protection. With KYCware investors can be assured their data isn’t going to be tampered with at different stages of the offering, issuers maintain a record for enhanced shareholder management, and immutable transaction reporting is available for regulatory oversight.
Key Additional Features:
- Customer identification program (CIP) in accordance with the US Patriot Act Sec. 326
- KYC data is stored in-memory in auto expiring cache, never outsourced to third-parties
- Proprietary anti-gaming video interview with randomized questionnaire
- Anti-money laundering screening against Globex’s proprietary database
- Timestamped records on blockchain with digital signature anti-tamper guarantee
- Transfer agent DRS platform
For an in-depth understanding of how KYCware system works, read the following blog.
Globex CEO Brian Collins stated “I think one of our biggest differentiators when it comes to KYCware is our methodology and level of security when it comes to the protection of users’ sensitive information. In the eyes of the regulators, the issuer is ultimately responsible for making sure that all investors are properly KYC’d and AML’d, not a third-party who could further outsource the data to be verified. This is why we’ve built our technology to equip issuers and regulated entities involved with the tools needed to properly manage investors’ sensitive information.”