iComply and Quantoz to Power Stablecoin Blockchain Applications for Financial Service Providers
Partnership enables organisations to launch compliant business processes on public blockchains without the need for technical knowledge of digital wallets or blockchain technology
Vancouver, B.C., and Utrecht, NL – April 20, 2020 – iComply Investor Services (“iComply”), a regtech leader in compliance for financial services providers, and Quantoz N.V., the provider of NEXUS, a SaaS platform that enables compliant fiat-to-virtual asset transfers, are announcing their shared solution to address the technical and compliance challenges that regulated firms face when using public blockchains.
Stablecoins – digital assets that are secured by real-world assets such as fiat currency – are being explored by central banks in Canada, the United Kingdom, and the European Union as one of the most promising applications for blockchain technology in finance. Compared to physical currency, stablecoins provide lower operating costs, increased transparency, and real-time reconciliation capabilities as a new form of contactless cash.
While hundreds of new ventures have launched blockchain solutions, most struggle with maintaining their accounting, reporting, and compliance to an institutional standard. This results in many innovative projects failing, due in large part to their failure to meet regulatory requirements.
Henri de Jong, Co-founder and Chief Business Development Officer of Quantoz, said: “Companies operating in the blockchain space, are increasingly subject to regulation. Cooperation with iComply helps our NEXUS customers to dynamically comply with regulatory rules and procedures across multiple jurisdictions.”
Integration of the NEXUS platform with iComply’s intelligent AML management solution will allow financial services providers to mitigate compliance risk while using public blockchains. This compliance-by-design methodology enables firms to identify risk, automate transaction monitoring, and scale back-office operations.
“In order to successfully manage a stablecoin, the issuer needs to manage complicated technical, regulatory, and compliance requirements,” said Matthew Unger, CEO of iComply. “By integrating NEXUS with iComply we can help private banks, corporations, and central banks to easily test and deploy digitally native assets.”
-##-
About iComply Investor Services Inc.
iComply Investor Services Inc. (“iComply”) is a Regtech company that provides fully-digital KYC and AML compliance solutions for non face-to-face financial and legal interactions. iComply enables financial services providers to reduce costs, risk, and complexity and improve staff capacity, effectiveness, and customer experience. By partnering with multinational technology vendors such as Microsoft, DocuSign, Thomson Reuters and Refinitiv, iComply is bringing compliance teams into the digital age. Learn more: www.icomplyis.com
About Quantoz:
Quantoz enables its clients to easily integrate tokens into their business with NEXUS, a SaaS solution that connects traditional financial “fiat money” with public blockchains.
iComply Contact Info:
Matthew Unger, CEO [email protected]
Vancouver, Canada
Quantoz Contact Info:
Nick Haasnoot, CEO [email protected]
Utrecht, Netherlands
Q3 2022 Regulatory Updates
Regulatory actions and industry updates from financial authorities and regulators around the globe in Q3 2022
Protecting Digital Assets with KYC
Are your KYC protocols set up to protect your customers and your digital assets? With the digital world constantly evolving and new assets entering the market, ensuring that your due diligence and identity verification platforms are up to current regulations is...
Common Challenges Facing KYC Protocols
Do you have the right processes and protocols in place to protect against fraud, money laundering, and the many other risks that come with operating in today’s market? Know Your Customer and Customer Due Diligence, otherwise known as KYC and CDD, play a major role in...