When we think of Know Your Customer (KYC) and AML protocols, most people tend to associate the terms (and practice) with businesses involved in the financial sector, and for good reason. Banks, digital vendors, and other forms of financial institutions are beholden to...
US Patent grants iComply exclusive rights to a pivotal security feature for tokenized assets and announces Prefacto™ licensing program
VANCOUVER, B.C. – September 14, 2023 – iComply, a global compliance technology provider, is pleased to announce a new licensing program for US patent US-20220103378-A1 System and Method for Off-chain Cryptographic Transaction Verification, an essential technology that ensures transactional compliance for financial institutions using blockchain.
Filed on July 18, 2018, this patent was the first to cover the key technology behind the industry’s issuance and trading of regulatory compliant security tokens, central bank digital currencies (CBDCs), non-fungible tokens (NFTs), and stablecoins.
Since 2018, the security token market has seen explosive growth, boasting a current value of over US $17B. Leading consulting firm Security Token Advisors CEO Herwig Konings believes “that capital markets will move towards a natively-blockchain based asset and securities life cycle and use tokenized assets to reinvent the customer experience and back office administration.” Experts from premier global financial institutions project that by 2030, US $30T worth of tokenized assets will be in circulation, a staggering CAGR of 410%.
“The scale at which the industry has already adopted Prefacto™ IP is exciting,” states iComply CEO Matthew Unger. “We are not only enhancing the standards of digital finance concerning security and liquidity but also streamlining blockchain transactions across diverse providers.”
Bridging Traditional Compliance with Blockchain Innovation
Today, consumers benefit from seemingly instantaneous authorization of credit card payments at millions of merchants globally. However, unseen complex processes behind each transaction often take several days to settle, particularly where existing traditional systems require a funds transfer between the customer’s bank and the merchant’s bank.
Prefacto™ leverages foundational blockchain technologies including whitelisting and transaction validators to enable instant settlement of transactions globally. Spearheading the program Peter Nieforth, SVP Licensing, states, “Prefacto™ dramatically reduces the operational costs of ensuring compliance, trust, and integrity in global financial transactions.”
The Future of Financial Transactions
iComply was founded with a vision to power trustworthy transactions for billions of people. The latest Prefacto™ patents and newly launched licensing program are key milestones in the company’s journey, creating the foundation for financial institutions, tokenization platforms, and trading facilities worldwide to join them on this mission.
iComply Investor Services Inc. has been pioneering compliance technology since 2017 and is headquartered in Vancouver, Canada. Using artificial intelligence, blockchain, and edge computing, iComply’s Prefacto™ and iComplyKYC™ solutions are set to redefine the sector, enabling organizations to harness opportunities offered by digital transformation—without compromising compliance, privacy, or scalability. Learn more: www.icomplyis.com