The startup offers a blockchain-based platform for managing and distributing authorized signatory lists, utilizing real-time editing and data encryption to enhance security. This solution mitigates the risk of signatory fraud associated with traditional paper-based processes, enabling organizations to efficiently maintain their bank mandates.
Funding
$9.4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Managing authorized signatory lists and bank mandates through traditional, paper-based methods is inefficient, time-consuming, and prone to errors, increasing the risk of fraud and contract disputes. Maintaining up-to-date records and securely sharing them with relevant parties poses a significant administrative burden for organizations.
Solution
Cygnetise offers a blockchain-empowered platform that digitizes the end-to-end process of managing authorized signatories and bank mandates, providing a secure, cost-effective, and sustainable solution. The platform enables real-time updates, secure sharing, and a full audit trail of all data changes, enhancing data security and minimizing the risk of fraud. By using blockchain technology, Cygnetise ensures data integrity and provides a tamper-proof record of signatory authorizations, which can be shared internally and externally with banks and counterparties. The application streamlines operations, reduces administrative overhead, and improves compliance with regulatory standards such as MiFID II.
Target Audience
Cygnetise targets corporate secretaries, corporate treasury departments, financial compliance officers, and corporate service providers who need to efficiently manage and securely share authorized signatory data and bank mandates.
Features
- Real-time management of authorized signatories and bank mandates
- Secure, blockchain-based data storage with tamper-proof audit trail
- Customizable data fields and document attachment capabilities
- Instant internal and external data sharing with granular permission controls
- Role-based access control for administrative users and validation
- Bulk import/export functionality for efficient onboarding
- Integration with existing systems to minimize disruption
- Compliance with GDPR and other regulatory standards