Luxembourg, January 2020: Tokeny Solutions today announced the release of the ONCHAINID, the universal identity system that empowers financial institutions to unlock the significant benefits of using decentralized technology. It is an upgrade of InvestorID, and alongside investors, the system enables market actors to identify issuers, agents, securities and assets on a shared infrastructure.
Financial institutions currently use central systems to input and manage identity data, leading to slow retrieval, unreliable information, inefficient processes and significant data breaches. ONCHAINID ensures data is securely verified by authorized third-parties on a shared infrastructure, allowing market actors to remove the burden of duplicating work from siloed and fragmented databases. It delivers this whilst maintaining control and improving security through a sophisticated permission-based system. ONCHAINID provides three main features for users – the direct ownership of securities, customer accounts management and data enrichment.
Banks that are licensed to provide loan products and accept deposits are also considered financial institutions; non-banking institutions are not. Several people in institutions tend to manage responsibilities in accordance with the position they hold. For instance, asset management chiefs in banks typically serve as a link between organizational senior executives such as the chairman, translating and prioritizing business unit KPIs and budgetary requirements with a holistic view of asset outcomes.