Consolidity 1.0 is Live!

With great power comes great responsibility, these words have been resonating in our head all year. With our responsibility in hand, we are now ready to show you the first version of the company formation module.

Using the Consolidity company formation module lawyers won’t have to copy and paste eternally bits of data from the on-boarding form to their CRM and then from the CRM to any official forms/documents.

Ours is among the very few extensive softwares that has an end-user/customer view. We built it to have the most intuitive user experience and we can proudly confirm that based on the positive feedback we received.

How does it work?

The general flow is pretty formal and intuitive.

1) Once a lawyer has met with her prospective client, she registers the prospect with the data available (Name, Surname, Email, Address, etc.) and sends out their Consolidity link. The prospect client will already have a preset account and will on-board herself by typing in the requested fields – intuitive, isn’t it?

2) Here is where the speed lies: when all the data inputted is confirmed by the prospect, the lawyer gets notified, reviews the data with the help of a preliminary profile score according to its firm risk appetite and when she confirms it, Consolidity automatically pushes out AML checks requests to a third-party RehTech application.

3) In the meantime, Consolidity has generated the set of documents needed to be signed by the prospect.

4) We request KYC documents according to the officers’ profiles.

5) The client’s identity and all of the officers’ get verified through our video chat tool as per FIAU implementing procedures. Forget about lengthy processes and endless confusing emails, a chat and comment section is here to streamline client relationships.

Though the automation does not stop there, Consolidity supervises a company bureaucracy throughout its entire lifetime, from incorporation to liquidation.

Whenever the company needs to draft notification forms, the software does it for you. Through their user dashboard, any client can change their name, address, shares issuance, etc. with a simple click and few keypresses. The software then generated the corresponding notification forms. Same happens for any quarterly, semi-annual or annual reports. Just request it and Consolidity generates them!

More Products on the Way

Now that we do have all the tools needed to set up a company in Malta and built the Oktober31 project, we have started to expand into new areas:

  • We have signed a contract with a company that offers its clients consulting (and solutions) to get a Payment Service Provider (PSP) to their site. Another client in the industry requested to implement Consolidity for her business and we are starting next month.
  • Further expanding the Smart Data forms, we started to set up our very own loan brokerage firm. We have an agreement with a well-established loan broker company to build a brand together for digital loan applications. Many banks are interested too.
  • We started to work for a wholesaler of various goods, mostly electronics, to digitize their ordering and contracting system. The launch is expected in November.

Pick Article of the Week

In an exclusive interview with Google CEO, Sundar Pichai and MIT Technology Review, Pichai tells us why quantum computing could be as important for Google as AI.

Read the article here.

Come and See us Next Week!

Find us here at the Malta AI & BC Summit on 7th and 8th November!

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