Finos Announces the Launch of the Mesh ID – KYC Information Sharing Network
First launch clients include some of the world’s largest and most recognized fund service providers
Amsterdam, December 9, 2020 – Today, Finos announced the launch of its newest software tool that helps fund investors securely share their KYC (Know Your Client) information with their trusted fund service providers. Mesh ID, as it is called, will not only benefit fund investors (LPs), but also the funds’ General Partner (GP), fund administrators, law firms, and custodian banks.
The current process is labour intensive and repetitive. An LP will often times be asked by each fund it invests in, and its various service providers, to provide the same set of KYC information. Not only is this normally done by unencrypted and insecure email, it can also take weeks to complete – time and energy that does not add value to the GP and LPs’ objectives: to close the fundraising process as smoothly and quickly as possible.
Mesh ID was designed in the Channel Islands by a group of leading global fund managers, administrators, banks and law firms. The innovation initiative was facilitated by Digital Jersey, supported by Jersey Finance and led by Finos.
Finos creates technology that helps regulated institutions and their clients reduce the burden of performing regulatory compliance activities. Our blockchain-based solutions simplify the way in which clients share information with their service providers, making onboarding and client reviews a faster and more pleasurable experience for all involved, while still giving providers the information and tools they need to identify and eliminate risks such as money laundering and terrorism financing. Our international company has its headquarters in The Netherlands.
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