Tokenbridge using blockchain tech to enhance ID processes for The Tracing Group The Block

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https://www.febspot.com/2191620

Tokenbridge, a B2B tokenisation platform streamlining the wealth and fund management ecosystem, is working with financial client data firm, The Tracing Group (TTG), to implement blockchain technology to streamline Know Your Client (KYC), Anti-Money Laundering (AML) and client identification processes.   

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TTG collaborates with global banks, pension schemes, and wealth managers including the Natwest Group and Santander, to locate and verify missing customers. It is also a leader in the Child Trust Fund sector with 60% market share, helping to connect 3.5 million clients under the age of 21 in the UK with government-issued savings accounts. Tokenbridge has been commissioned by TTG to design, advise on, and implement technology that will enable TTG to extend hyper-personalised tokenisation capabilities to its clients. 

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These hyper-personalised tokens will allow TTG’s clients to offer customers a secure, infallible, and transferrable record of their personal details using blockchain technology, to open bank accounts and apply for other financial services. The tokens will significantly streamline the client onboarding process, mitigating cost and friction by acting as a digital passport that eliminates the need for customers to repeatedly complete applications from scratch. The hyper-personalised tokens will also assist banks in efficiently adhering to KYC and AML regulations, accelerating traditionally complex and labour-intensive verification processes. 

https://www.febspot.com/2191620

Daron Pearce, executive chair of Tokenbridge, said: “In the digital age, personalisation is no longer a luxury, it’s an expectation. Clients expect banks and managers to offer seamless access to services, and financial services businesses want to ensure streamlined and secure processes that allow them to enhance client service and improve operational efficiencies while remaining compliant. We are delighted to be working with TTG to help them to achieve this – future-proofing their business and giving their clients the tools required to engage with current and future generations of clients.” 

Danielle Higgins, MD of TTG, said: “Accurately and securely identifying the clients of organisations is central to our business. Customer preferences are evolving – expecting increasingly digitised banking and fund services that require minimal administration, reflect their preferences and values, and protect their privacy in a highly secure environment. Tokenisation is the natural next step for the financial services industry when it comes to identity, KYC and AML – to stay relevant, firms will need to consider this technology to appeal to a growing digital-native audience and increasingly savvy incumbent clients.” 

Tokenbridge is a technology firm and platform which is underpinned by a robust, blockchain-agnostic architecture. Tokenbridge aims to reduce costs and simplify processes for fund managers, wealth managers and infrastructure providers to better position them in meeting the needs of the next generation of investors. 

The announcement follows the appointment of four senior advisors to Tokenbridge’s advisory board, including senior finance technology and blockchain experts, who will advise the firm as it grows and develops its offering. Tokenbridge is set to conclude its current funding round in Q1 2024.

Want to learn more about blockchain from industry leaders? Check out Blockchain Expo taking place in Amsterdam, California and London.

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