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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.



 

 

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