Fintech, Finance, Technology, Banking Highlights – 5 March 2018
Bank Frick opens up cryptocurrency trading and safekeeping service
Bank Frick is the first financial institution in Liechtenstein to offer the trading of five leading cryptocurrencies and secure safekeeping via offline storage.
Trading takes place within the fully regulated framework of the Bank’s processes. The offering is aimed at professional market participants and financial intermediaries.
Bank Frick allows direct investments in leading cryptocurrencies
Balzers (LI) – Starting today, professional market participants and financial intermediaries are able to invest in the five leading cryptocurrencies Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP) and Ether (ETH) at Bank Frick. The cryptocurrencies can be bought using euros, US dollars and Swiss francs. Trading takes place once a day.
Strong protection against hackers and theft
Bank Frick offers a particularly high level of protection against the loss or theft of crypto-assets. At Bank Frick, cryptocurrencies are held in “cold storage wallets”. Cold storage wallets are physically separated from the Internet and they therefore cannot be externally hacked. The wallets and their backup copies are held securely on a georedundant basis.
Leumi ABL selects encompass confirm for KYC
The specialist asset based lending subsidiary of Bank Leumi (UK) plc, part of the Bank Leumi Group, has selected encompass confirm to support and enhance their Know Your Customer (KYC) compliance processes.
Leumi ABL provides invoice finance, stock finance, and plant and machinery finance.
The only provider of simultaneous, real-time access to multiple sources of global company and person data, encompass corporation is the creator of KYC automation for major global financial and professional service firms.
Kevin Yates, Director of Risk & Compliance at Leumi ABL, said “Evolving regulations, not least the new requirements of MLR 2017 and 4 MLD, are a challenge for many companies, a challenge that encompass confirm enables us to meet.
“Previously our client KYC process used multiple web based data sources. Automation via encompass makes this process considerably more efficient and allows our compliance team to focus on the output, rather than spending considerable time and effort on manual steps in the process.”
Scott Goodsir-Smyth, Head of Customer Success at encompass, said “Changing regulations now mean that companies must look for efficiency if they are to be both fully compliant and remain competitive. By using robotic search to unearth all a KYC policy demands, processes are much more efficient, resulting in faster and safer regulatory compliance. Leumi ABL recognised the impact of this when putting the client at the heart of what they do and we look forward to continuing to work alongside them.”
Regtech firm Ascent raises $6m
Ascent Technologies, a regulatory technology (regtech) company, announced the successful completion of their Series A funding round.
Ascent raised $6 million in this oversubscribed round, which was led by Alsop Louie Partners and joined by Randall Kroszner, member of the Board of Governors of the Federal Reserve System from 2006 to 2009.
“This funding round and the quality of its investors is a testament to the cutting-edge, one-of-a-kind compliance solution Ascent offers,” said CEO and co-founder Brian Clark. “This investment, coming just after the successful completion of an international pilot that demonstrated the accuracy of our processes and technology, speaks to our ability to revolutionize how financial firms manage compliance.”
Ascent will be using this funding to continue enhancing their automation engines increasing the number of regulatory channels available to customers. Ascent has also announced plans to expand their footprint in Chicago and increase their workforce, hiring a significant number of technology and sales staff.
Ascent uses artificial intelligence (AI) and natural language processing (NLP) to transform raw regulatory data into discrete actions for compliance departments. Ascent analyzes millions of data points from rules and documentation from a regulator, creating a constantly-updated regulatory channel. Ascent distributes this intelligence via regulatory channels, including the CFTC, CME, CBOE, ESMA, FINRA, ICE, and SEC.