Business blockchain signatory service Cygnetise raises $1.32M in seed round | KYT DOTSON siliconangle.com/blog/
30 October 2017
… Cygnetise Ltd. announced today a seed funding round of $1.32m led by London-based CALIBRATE MANAGEMENT LTD. to push forward is authorized signatory list management services backed up by blockchain technology.
Authorized signatories are people enabled by a business to perform particular actions, particularly signing documents such as hours worked, checks, contracts and such. Up-to-date lists of people so authorized is an important part of doing business.
Cygnetise’s platform is designed to ease the labor-intensive process of maintaining and verifying lists of authorized signatories by offloading the verification portion onto a distributed ledger technology, or blockchain. Using a blockchain, lists of written and digital signatures can be attributed within a series of transactions that are secured cryptographically and are auditable across the entire organization.
How will using Cygnetise save me time?
○ Amendments to the list can be done on a case by case basis without requiring a complete repackaging of the ASL whenever amendments are required.
○ Distribution time eliminated: Redistribution of updated lists, i.e. emailing, posting, faxing is not required as updates can be viewed immediately by your permissioned counterparts.
○ Communication time reduced.
○ Process time reduction
What are the main benefits of using Cygnetise to manage Authorised Signatory Lists?
○ Easy real time updates of lists.
○ No email, postage, fax distribution required.
○ Improved user controls.
○ Audit trail.
○ Creates a market standard.
What will it mean for my operations, will I need new staff?
○ ….. efficiency within Operations as fewer individuals would be required to maintain the signatory lists thus releasing capacity.
What will it mean for my customers?
○ Your clients … won’t have to maintain physical docs or PDF files. Searching becomes easier and they will receive automatic notifications of any updates.
What impact will it have on my risk management?
○ The risk of fraud (due to misuse / mismanagement of ASLs) is almost completely eradicated.
○ The risk of operational losses due to processes lags reduce.
○ Reputational risk reduces."
34 Threadneedle Street
- 9537 Software
- Company Number
- Private Limited Company
- Company Age
- 2 years
- May 31, 2016
- Nature of Business
- 58290 - Other software publishing
- Year End
- December 31
- Accounts Due
- September 30, 2019
- Latest Accounts
- December 31, 2017
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