We advertised it last month and it is now live and ready to help any corporate bank account holder in Hungary!
As part of Consolidity’s features, we have developed an organogram builder in order for CSPs to identify UBOs and automatically generate UBO declaration forms.
Luckily we timed it right as the deadline in Hungary for identifying UBOs by collecting UBO declaration forms from every corporate account is about to expire.
We decided to offer our organogram builder and form generator online. Every user has an hour to complete her organogram thereafter the data will be deleted as per the European data and privacy law.
When the user is done building the organogram we generate the declaration form, depending on the bank chosen.
Templates are carefully replicated for the 13 Hungarian banks, namely OTP Bank; Budapest Bank; MKB Bank; Raiffeisen Bank; CIB Bank; MagNet Bank; Sberbank; K&H Bank; Erste Bank; Takarékbank; UniCredit Bank; Duna Takarék Bank; Gránit Bank.
Have a try by yourself and look at the forms we generate! – https://oktober31.hu/
Please, open the link from Google Chrome as it translates into English automatically and make sure not to have too many tabs open as all the data is stored in your browser’s cache. Nothing goes to our servers – privacy above everything.
We know how tedious it can get to manually make dozens of checks for every new company, and even worse later when manually repeating them to constantly monitor your clients.
We got you covered. We have been contacting and analyzing various third party RegTech proponents and what we are preparing is way ahead of what you might expect.
When onboarding a new client we make sure to automatically check them against their name, surname, birth date, place of birth, into more than 400 sanction lists and watchlists, decreasing the rate of false-positive by 70%, yes 70%.
How does it work? Pretty simple. We integrate the API of a third-party provider (Lexis Nexis, Comply Advantage, Northrow, Riskscreen, etc.) of your choice so when the onboarding is finalised in Consolidity we automatically pull out an AML check request and we get back in a matter of a minute with a detailed compliant PDF report containing the results.
This one is stored in the company profile, hence also available in your database. From the API on Consolidity, the super admin is able to set the frequency of the monitoring from daily to monthly.
Monitoring happens automatically so you don’t need to worry about it, the PDF appears automatically at the company profile.
Enhanced Compliance free of stress!
An idea still in embryonic phase but deserving considerable attention is the funding model behind Continuous Organisations.
These few organisations use Blockchain technology to operate Bonding Curves: an automated market maker and price mechanism adjustment.
A bonding curve is a mathematical curve that defines a relationship between price and token supply. It is technically summed up as an emerging crypto-economic primitive: they are protocol-based incentive systems that enable coordination of network participants to achieve shared goals.
Continuous Tokens are a new kind of token managed by bonding curve contracts. They have intriguing properties, such as limitless supply, deterministic price, continuous price (the price of token n is less than token n+1 and more than token n-1) and instant liquidity.
You can also watch the author’s talk here: YouTube Talk