Multiple Swiss banks Become Member of Blockchain Compliance Platform WeCanComply
Multiple Swiss banks have become signed up for the member of WeCanComply, a blockchain network that facilitates regulatory records to be shared between private custodial banks and third-party asset managers.
It was revealed last October that Lombard Odier, Pictet, and Edmond de Rothschild, among others have become a member of the network.
For governance an autonomous non-profit entity, the Blockchain Association For Finance, was established earlier this week by the members of the network.
Other participants include the Swiss Investment Managers Alliance, comprising companies which together manage funds of over CHF 100 billion ($112 billion).
Third-party fund managers or individual asset managers in the wealth management field really aren’t commercial banks necessarily, but instead portfolio managers and financial advisors.
Private Custodian Banks typically take control of security of the money. This custodial partnership needs a little tad of enforcement, specifically because portfolio managers usually work with multiple custodial institutions.
The WeCanComply framework helps an investment manager to generate and send the requisite onboarding documentation once to several custodian banks. Similarly, for some upgrades.
A main priority explained by WeCan is to reach an agreement on data norms. They have the norm for onboarding currently and are drafting a know your client (KYC) standard. niThe intention is to unveil the standard globally with modifications suing local conditions.
Hyperledger Fabric is used as the core of the blockchain solution.
In the meantime, there are many regtech systems, including one for KYC, that study blockchain. The Know Your Consumer network in the UAE utilizes norbloc technology for KYC and went live last year. A related approach is being pursued by Sri Lanka.