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Security token specialist TokenSoft recently announced that it would be dabbling in the “Know Your Business” (KYB) sector with a new service that it is planning to launch.
In the official press release, it was noted that this new KYB service already saw a successful beta test. As a result, TokenSoft is now ready to go ahead with the issuance of KYB checks for token issuers who are looking to improve their due diligence practices. This move was also meant to adhere to the Bank Secrecy Act amendments by FinCEN.
Speaking on the matter, TokenSoft CEO Mason Borda highlighted how this new KYB service could result in much faster processing times compared to before. What usually took several days to finish will be reduced to less than one.
"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," Borda said.
Among the features of this new service will include “Faster Onboarding of Institutional Clients.” This is where the processing of new investors will be shortened significantly.
“Traditional processing is done through email and processed manually. The TokenSoft platform streamlines the compliance procedures in order to speed up the processing of clients while still ensuring clients and their compliance teams have complete control and oversight over approvals,” the press release reads.
As The Tokenist points out, this move further cements TokenSoft’s place as a leader in the issuance of digital assets and in providing security tokens. This should also come as a relief for investors who are looking to dip their toes in the security token pond but would rather not wait for days for the process to finish.
