Compliance within the web3 space has always been a big issue. The problems that surround these issues can only be addressed by a decentralized solution that can handle the weighty matters in the industry. On these issues, we reached out to Jonathan Camilleri Bowman of Sekuritance, a decentralized compliance solutions ecosystem to give us insight into what’s happening. Here is what he had to say.
Jonathan Camilleri Bowman – CEO, Sekuritance
What is the Sekuritance compliance solution?
Jonathan Bowman,CEO of Sekuritance: Sekuritance is a CeFi and DeFi RegTech ecosystem delivering top compliance, regulatory, transaction monitoring and identity management to merchants and individuals.
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How does it work?
Bowman: The Sekuritance platform acts as a compliance-as-a-service solution for any and all industries to perform compliance checks, be it: KYC, KYB, AML – for both individuals and businesses, On-chain analysis checks, 3DSV2 multi-factor authentication, transaction monitoring, onboarding of launchpads while also providing ancillary services by means of incorporation, document creation and review, auditing and also banking and marketing aid via our third party partners.
Although we are industry agnostic, given we’re very integrated within the blockchain space our solution right now caters for the compliance of launchpads, cryptocurrency exchanges, L1 and L2 ecosystems along with Fiat Onramps and other new crypto projects needing a partner to launch successfully in a compliant manner.
https://www.youtube.com/watch?v=x26Cmw6_Nxc
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What technologies drive the compliance solution?
Bowman: Without giving too much away, most of our solutions can be integrated via RESTful APIs, and via iFrame customised to users’ needs. Here’s our Development hub for more information: readme
As you might have figured by now, the organisation is totally blockchain agnostic too, meaning that projects from across the sphere can utilise our platform across multiple chains be it L1 or L2.
We also have our own utility token; $SKRT which we consider ‘RegTech Power’ – its function is primarily focused on our portal – both on a B2C and B2B level.
It’s primary utility is being part of the overall payment cycle of the Sekuritance platform, I recommend y’all to keep an eye out on the news for some big updates coming your way on Sekuritance and $SKRT.
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What are the problems the Sekuritance Regtech solution aims to solve?
Bowman: Sekuritance started to solve the internal compliance and regulatory framework in the other companies I manage – namely in banking, credit card processing, and foreign exchange management.
Each one needed several suppliers to do all sorts of checks on the individuals/companies themselves and all the transactional related bits – such as geo-IP checks, device checks, high-risk checks, chargeback checking, blacklists, etc.
It was a nightmare to control them all, so we wanted to create a go-to solution where a startup or a multinational conglomerate can integrate and join the dots for all their RegTech and risk tech needs.
Nowadays, fancy words like FinTech, RegTech, RiskTech, and others appear on the market, and they are definitely the way forward – we are fortunate enough to exist in all. Putting it simply – if any piece of software or service solves a regulatory issue (like a compliance check or a politically exposed person check, etc., they form part of a RegTech solution – which is a very vast term and has loads of uses).
Anything offering a solution to understand, minimize, and report on a risk factor in the business is encapsulated in a risk tech suite – and similar for transactions – an online bank app would be part of a fintech suite.
Related: Tether Stablecoin Taps Chainalysis for Anti-Money Laundering Compliance Tools
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How do web3 technologies help secure data stored within the Sekuritance Regtech solution?
Bowman: So, Sekuritance’s portal is built utilising web3 technology – to track the SKRT tokens within a users’ wallet, and identify their tier for extra benefits on the platform.
We utilise other elements of this technology via our blockchain analysis tools, such as: Sekur.Trace – which our onchain analysis tool, coordinating multiple data sets across the spectrum to provide a risk-score based on multiple factors that the specific users’ wallet they submitted have been involved in: Darknet activities, money laundering events, involvement in mixers, miners and more.
Outside of that, our blockchain analysis tool also loops in a ‘Follow the Money’ feature which provides analysis on certain blocks and wallets, going all the way back to genesis-node, to analyse a user’s web3 wallet movements.
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How is the Sekuritance RegTech solution multidimensional?
Bowman: It’s because Sekuritance acts as a one-stop-shop – bridging the gap between traditional based compliance, and blockchain analytics. It’s a short answer, but I think it gets the job done.
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Would you be able to list and give more information on each of the Sekuritance core products?
Bowman: Sekuritance provides a full featured RegTech ecosystem from a complete range of regulatory compliance solutions, transaction and fraud monitoring, data encryption, identification and verification of individuals and businesses, to blockchain analytics.
SEKUR.TRANSACT
As compliance rules and regulations continue to grow, so does the need for an evolving KYC, KYB, PEPs, Sanctions and AML screening tools.
SEKUR TRANSACT leverages advanced technology to better understand the reasons behind the risk of a transaction, which in turn helps us to better assess fraud exposure.
With our own internal monitoring tools and databases, we can form a transaction risk score which lets you know who your customers are, where they are, and if the transaction is safe to proceed.
SEKUR.VAULT
Our SEKUR VAULT is a safe place to store and encrypt your most sensitive personal or corporate data, credit card details, crypto private keys, transaction histories and much more.
Our simple API sets and user interface enable our clients to maintain full control of your consumers’ data whilst reducing tech stack costs. Effectively, Sekur Vault safely keeps all critical data away from prying eyes.
SEKUR.AUTH
SEKUR AUTH is our own acquirer agnostic 3DS verification solution, allowing merchants to validate and process 3DS checks before each payment, giving them an extra layer of protection.
With the integration of frictionless flow, this 3DS validation can now be processed without the need of input from the cardholder, meaning a faster and smoother service whilst retaining maximum security.
SEKUR.ALERT
We are constantly evolving our datasets to ensure we are always at the forefront of fraud detection.
SEKUR ALERT is a reporting tool that allows our community to alert us to new potential fraudulent business exposures, rewarding those that help us in our efforts to keep you safe, ensuring we are always adapting to the newest threats.
SEKUR.TRACE
The anonymity of crypto is fast becoming a myth yet it is still difficult to track what people actually spend their money on.
SEKUR TRACE is our on-chain analysis tool that aids in tracking payments from people and wallets, Sekur Trace lets you know whether a wallet or users has been involved in scams, ransomware attacks, money laundering events or darknet activities.
SEKUR.CERTIFY
SEKUR CERTIFY is our verification service that provides blockchain wallet verification, letting users verify controlling power certification over their wallet.
A digital seal, letting individuals prove they are of good standing.
Related: The Unique Thing about Crypto and the Blockchain:
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Please, can you tell us more about your other products and services?
Bowman: Onboarding Mechanism
For cryptocurrency projects that wish to start receiving funds to launch, Sekur.Launch leverages Sekuritance’s product suite to provide a compliance-based KYC, KYB and Onchain Analysis service with onboarding users and businesses for token projects’ seed rounds, private sales and public sales.
Sekuritance’s real-time onboarding and transaction monitoring dashboard provides software analytics on how the funding rounds are proceeding, based on number of participants, pledge amounts, Geo-IPs and more!
Projects that want to utilise Sekuritance as their launch partner will gain access to the following products:
- Customisable Onboarding form
A customisable onboarding form with all the compliance needs of your project.
- Dedicated Technical Manager
A technical manager to guide and support you throughout the launch process.
- Analytics Dashboard
An analytics software dashboard where projects can find out where their clients are coming from and how much they’ve pledged, and how to re-target these users and focus marketing efforts into retaining and acquiring more within the space.
- Wallet Verification
The ability to verify control of the wallets of the investors taking part in the project.
- Team of Compliance Managers
Outside of just automated compliance checks, everytime one of your users fails, you will have a team of compliance managers making sure to control, and understand why there are failed verifications and act upon them.
- All-in-one compliance partner
A totally seamless and hassle free experience to enable you to concentrate on making your launch as successful as possible.
VC, Investor and Launchpad Aid
Sometimes projects find it difficult to find VCs and Investors for their seed or private rounds and using Sekuritance could be of real help to that as we are becoming a recognised partner for trusted projects in the crypto space.
Through our partner network we can also get you in touch with entities that provide you with additional services like matching you with select and exclusive high profile investors and whales to invest in your projects, or you can get listed on one of the multiple launchpads that we have partnered with.
We also aid in vesting capabilities to unlock your tokens to your investors based on your schedule via our partners.
Marketing Aid
Our team understands the importance of community engagement, marketing and SEO for young crypto projects. You can easily find marketing aid services via our partner network that support your project in getting the right coverage, with the right platforms to get you started on your path to success.
Ancillary Services via 3rd Parties
- Crypto Project Advisory and Incorporation Services
We aid cryptocurrency and blockchain projects to be incorporated within Europe via our partner network of consultants and lawyers, providing them with a legal structure to operate as a utility token, exchange, governance token, layer-1 ecosystem, layer-2 ecosystem, security token and more.
- Banking Aid
Sometimes cryptocurrency and blockchain projects find it difficult to find payment service providers that are crypto-friendly, in which case we can use our knowledge, experience and network of partners and try to point you into the right direction based on your needs, which would save you valuable time..
- Documentation Creation & Review
We aid cryptocurrency projects with consultancy services aimed to help create or review their documentation and economics, including: Whitepaper, Tokenomics, Pitch Deck and more.
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Is the Sekuritance RegTech platform unhackable? Please, tell us how this works?
Bowman: Pretty much mentioned above. Our Sekur. Vault is a safe place to store and encrypt sensitive personal or corporate data, credit card details, crypto private keys, transaction histories and much more.
Our simple API sets and user interface enable our clients to maintain full control of your consumers’ data whilst reducing tech stack costs. Effectively, Sekur Vault safely keeps all critical data away from prying eyes.
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Where do you see Sekuritance in the next decade?
Bowman: If we compare with a lot of tokens on the top 10-50 on CMC/Coingecko and other listings, the reality is that most have little or no use as a token at all, and some don’t even have a product launched in the space at all – they have an idea – a vision – a maybe-prototype – and that is the sad reality – they are selling dreams/speculation.
Sekuritance is different and anyone that has been with us from day one or interfaced with our solutions already sees it clearly.
We have a roadmap – we have a plan – we have products/services people need, and they are usable today! Ironically in the market, one of our most used products in this space is our KYC and onboarding module but that represents 15% of our product offering, with several others being more intense and technically consuming – we have PCI data vaults for storing secure data, Business onboarding automation – transaction monitoring and new products analyzing various blockchains being able to determine high risk or fraudulent addresses – and so much more.
That is only a snapshot – over and above – our new portal will bring power back to our users to control their identity, and who has their information, and utilization of our tokens on the network, allowing partners to integrate their solutions and, most importantly – allowing small to medium businesses to utilize our services on a need basis at their own will without complicated setups, etc.
Last but not least – the main mission behind Sekuritance is to provide a safer environment, not just in crypto, but in the traditional world too, making it easier for businesses and individuals to meet their compliance needs at an easier pace.
