Streamlining Financial Client Identification: Tokenbridge Partners with The Tracing Group Dec 7, 2023 Dec 7, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsDecember 7, 2023 by Kelly Cromley

Streamlining Financial Client Identification: Tokenbridge Partners with The Tracing Group

In a strategic move towards enhancing wealth and fund management processes, Tokenbridge, a B2B tokenization platform, has joined forces with The Tracing Group (TTG), a financial client data firm. The collaboration aims to leverage blockchain technology for the optimization of Know Your Client (KYC), Anti-Money Laundering (AML), and client identification procedures.

 

Revolutionizing Client Verification: The TTG and Tokenbridge Collaboration

 

Tokenbridge’s engagement with TTG, a firm actively involved with global banks, pension schemes, and prominent wealth managers such as Natwest Group and Santander, signifies a paradigm shift in client verification methodologies. TTG specializes in locating and verifying missing customers and holds a substantial 60% market share in the Child Trust Fund sector, connecting 3.5 million clients under the age of 21 in the UK with government-issued savings accounts.

 

Implementation of Hyper-Personalized Tokenization

 

Tokenbridge has been entrusted by TTG to design, advise on, and implement cutting-edge technology to extend hyper-personalized tokenization capabilities to its clients. These innovative tokens are poised to offer clients a secure, infallible, and transferrable record of their personal details using blockchain technology. The primary objective is to streamline the client onboarding process significantly, mitigating costs and friction. These tokens will serve as digital passports, eliminating the need for customers to repetitively complete applications from scratch.

 

Advancing KYC and AML Compliance Efforts

 

The implementation of hyper-personalized tokens is anticipated to play a pivotal role in assisting banks to adhere efficiently to KYC and AML regulations. Traditionally intricate and labor-intensive verification processes will be accelerated, marking a significant leap in operational efficiency for financial institutions.

 

Daron Pearce, Executive Chair of Tokenbridge, emphasizes the critical role of personalization in the digital age, stating, “In the digital age, personalization is no longer a luxury, it’s an expectation.” He expresses Tokenbridge’s commitment to collaborating with TTG to future-proof their business and equip clients with the necessary tools to engage with present and future generations effectively.

 

Danielle Higgins, Managing Director of TTG, underscores the importance of securely identifying clients in an evolving landscape. She notes, “Tokenization is the natural next step for the financial services industry when it comes to identity, KYC, and AML.” The adoption of tokenization becomes imperative to appeal to a growing digital-native audience and increasingly sophisticated incumbent clients.

 

Tokenbridge: Driving Innovation in Financial Technology

 

Tokenbridge stands out as a technology firm and platform with a robust, blockchain-agnostic architecture. Its mission is to reduce costs and simplify processes for fund managers, wealth managers, and infrastructure providers, positioning them better to meet the evolving needs of the next generation of investors.

 

Strategic Growth and Advisory Board Appointments

 

In tandem with this collaboration, Tokenbridge has recently appointed four senior advisors to its advisory board. These advisors, comprising senior finance technology and blockchain experts, will guide the firm as it expands and refines its offerings. Tokenbridge is poised to conclude its current funding round in Q1 2024, marking a crucial milestone in its journey of innovation and industry transformation.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.