TokenSoft, one of the leading companies specializing in issuing security tokens, has revealed that it has completed the beta version of its know-your-business services.
Know-your-business (KYB) checks will now be available on the Tokensoft platform. These new procedures came with the FinCEN amendment to the Bank Secrecy Act. Due to customer demand, TokenSoft has now implemented KYB.
According to CEO, Mason Borda:
“In speaking with providers of Know Your Business services, we found that the average processing time for a single entity was ten days. We’re excited to introduce a level of automation to the process to bring this processing time down to a few hours.”
The following services will benefit from KYC:
- Faster onboarding for institutional clients.
- Greater cybersecurity, since all KYB-collected data will be handled securely. There are also wallet options for TokenSoft customers.
- Compliance which is automated. The process will also be easily audited.
By implementing these procedures, TokenSoft is making it easier to bake in compliance on-chain. This further positions the firm as a leader in digital asset issuances and the security token space.
Should all token platforms have KYB protocols built into their platforms? Let us know your thoughts in the comments down below.
Image courtesy of TokenSoft.