Finos Announces the Launch of Its Integrity Check Platform to Transform the Sharing of Integrity Risk Information
FinTech startup focuses on giving the trust industry the assurance it needs to avoid bad actors and safeguard the Dutch financial system.
Amsterdam, The Netherlands / June 3, 2019 – Finos today announced the launch of its new software platform to help Dutch trust companies avoid the dangers of taking on clients with integrity risk. The Finos Integrity Check Platform helps licensed trust companies safely and securely share integrity risk information with each other in a whole new way – exceeding the requirements of the recently updated Dutch Trust Law.
Using Finos technology, trust companies can now significantly reduce the risk of taking on ‘bad actors’ – those companies that exploit the weaknesses that exist between compliance databases and pose a risk to the integrity of the Dutch financial system. With Finos, trust companies will be pushed notifications that a potential client company they previously searched for has now been flagged as having integrity risk. The platform has been built using blockchain technology and is available to licensed trust companies via a secure and user-friendly web interface.
“Integrity risk presents a significant challenge to trust companies. The current process is slow, time-consuming, and can result in errors. Not only does our solution demonstrate how trust companies can work together to combat integrity risks, but it also shows that the industry can take a technological leap to surpass the integrity risk requirements set by the new trust regulations,”George Pedra, CEO of Finos
Traditional integrity checking methods are manual, duplicative, and therefore prone to errors. The Finos Integrity Check Platform allows trust companies to securely share integrity risk information with each other. This reduces risk, duplication and costs by eliminating the need for each trust company to individually check, maintain and manually update their own integrity risk databases.
In addition, Finos’ unique approach to sharing data, whereby members of the platform can rely on transparent and trusted information without revealing their identity, addresses concerns around privacy and security that may arise with other methods.
“In the world of corporate services, being able to quickly and securely share verified information – such as integrity risk — is a game changer. Trust companies sharing integrity risk information using this solution shows that they are at the forefront of safeguarding the integrity of the Dutch financial system,”Dan Kragt, a former COO and board member of TMF Group
In recent years, integrity risk has ballooned as a concern shared by global financial regulators and trust companies, which often act as front-line defenders. According to the Global Financial Integrity Report, global illicit financial outflows recently reached a peak of $2 trillion. Preventing bad actors with integrity risk from entering the Dutch financial system minimizes the risk that illicit funds find their way in. From January 1, 2019, trust companies must comply with the updated trust regulation (the Wtt 2018), which includes new requirements for trust companies to proactively share integrity risk information with each other.
Several leading trust companies have participated in the co-creation of the platform and are launch clients. These include, among others, Intertrust and Corpag.
“Finos has delivered a strong and secure solution and by bringing several trust companies together it can reduce integrity risk from entering the Dutch financial system.”Ewout Langemeijer, Group Managing Director, Corpag
“As market leader, we continuously emphasize the importance of working together as an industry to safeguard against integrity risk entering the financial system. This is a great initiative and we look forward to continue supporting and working together with Finos as they facilitate secure sharing of information across service providers. The Finos Integrity Check solution provides companies like Intertrust with a systemic and smart way to protect the financial system from bad actors, working collectively to address this challenge.”Andrew O’Shea, Managing Director, Intertrust Group:
Finos is a trust-tech software company with a focus on solutions for the global trust and corporate services industry. Finos’ blockchain-based Integrity Check and ID-Verification solutions enable clients to achieve operational excellence by meeting their regulatory compliance requirements faster, and better, than before. The international company has its headquarters in the Netherlands. Learn more at: www.finosglobal.com
George Pedra Sara Palmbush
CEO & Co-founder Marketing & Communications
+31 6 2008 1103 +31 6 13014345
image courtesy of Alexandru Zdrobău@alexandruz