Presentation of the pioneering blockchain platform for compliance: Wecan Comply
With the entry into force of the FinIA and FinSA laws on January 1, 2020, independent asset managers and trustees are no longer supervised solely by banks, but also by supervisory bodies. The procedures for identifying, controlling and monitoring client relationships are becoming increasingly complex. Measures must be put in place to avoid the increasingly time-consuming duplication of the same tasks.
Our digital platform, Wecan Comply, is the result of a year-long collaboration with a panel of major financial
players. It has been built in order to best address the compliance challenges of today and tomorrow. The swiss-made solution meets two expectations: to prevent compliance and administrative work from overwhelming the daily activity of asset managers, and to ensure that specific tasks are performed correctly and reliably, while respecting new regulations.
Wecan Comply is built like a digital safe. The solution allows banks and asset managers to store and exchange their compliance documents in an ultra-secure way, and with ease. The platform runs on a simple web browser and requires only Internet access.
“We are passionate about helping financial institutions of all sizes dramatically accelerate their digital transformation. Wecan Comply combines the most advanced compliance services with the most advanced technology. These enable our clients, leaders in their field, to achieve the industry’s best cost-income ratios of 26.8%”, explains Vincent Pignon, CEO of Wecan Group SA.
The new technologies used in Wecan Comply are particularly well suited for the centralized management of KYC data of independent asset managers by custodian banks. The procedures resulting from these technologies ensure that the data is up-to-date, while the centralized storage certifies the uniqueness of the data. State-of-the-art security also ensures protection against unauthorized access.
In the near future, even auditors, supervisory bodies and other third parties will have access to the data they are interested in. In the broad future, further extensions of the platform’s services can be envisaged.
Wecan Comply is already used by 10 custodian banks in Switzerland, including Pictet, Lombard Odier, Mirabaud and Reyl. The latter have invited more than 50 external asset managers to use the platform and join the 120 active users. Wecan Comply has grown by 230% since its launch in early 2021.
The Wecan Comply solution will be presented at an event organized by GSCGI on June 30, 2021 at the Metropole Hotel in Geneva.