Cynopsis, Tokeny Partner to Boost Compliance Offerings

Cynopsis and Tokeny Solutions have entered into a partnership to enhance compliance offerings to their clients.

Announced on Thursday, the partnership between the companies will ensure smooth investor onboarding and ongoing Know Your Customer (KYC) Know Your Customer (KYC) Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Read this Term) and anti-money laundering (AML) on the services of two companies - Tokeny Solutions’ services and Cynopsis’ Triple A products – Ares, Artemis, and Athena.

Commenting on the partnership, Avere Hill, co-founder and chief executive EMEA at Cynopsis Solutions, said: “We are very excited to be working with Tokeny Solutions, a leading tokenization platform. We truly believe our mutual clients will benefit from this partnership as our models align beautifully with a focus on allowing companies to dematerialize assets on the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, through the use of technology, while enforcing ever increasing compliance obligations.”

Tokenizing the financial offerings

Established in 2017, Tokeny offers tokenization technology to its clients. According to the announcement, the company had worked with 35 partners ranging from the estate to funds and debt to equity.

It also received €5 million (around $5.6 million) from Euronext.

Cynopsis’ products, on the other hand, try to fill the compliance gap on the platforms with the KYC & AML process from pre-transaction customer onboarding to post-transaction monitoring.

“Combined with Tokeny Solutions’ services, ONBOARD, T-REX and ONCHAINID, the universal identity system, issuers are able to issue digital assets compliantly and securely,” the press release explained.

“For companies that are looking to benefit from utilizing blockchain technology they need to have the correct partners in place to ensure they are adhering to the rules and regulations that govern capital markets,” Luc Falempin, CEO of Tokeny added. “By integrating Cynopsis’ KYC & AML solutions with ours, we deliver benefits such as automation and digitization whilst incorporating a complaint-by-design approach.”

Last year, Tokeny partnered with Black Manta Capital for the development of a multi-securities token offering (STO) for the European market, Finance Magnates reported.