About

QuantBack, is a unique innovative platform tackling KYC-AML obligations for financial institutions. The authorities’ legislation demand in-depth Know-Your-Client (KYC) and Anti-Money-Laundering (AML) procedures to safeguard public interest. In this regard financial institutions require that their clients -especially those operating international transactions- follow and comply with KYC-AML prerequisites, involving a significant level of file management (transaction supporting documentation). Transaction facilitators currently manually manage supporting information, spending costly resources often unresponsive in a timely manner. Often various intermediary financial institutions are involved and therefore same work is double performed. QuantBack is a secure and standardized easy-to-use solution, effectively tackling all the above requirements, using cutting edge technology to ensure data verification, completeness and timeliness. We provide a unique solution for high volume data management, verification, control and sharing with minimum costs, therefore a valuable partner to transaction involved parties.

Solution & Product

QuantBack is a standardized web-based decentralized application (dApp) using smart contracts and cutting-edge blockchain technology. Our optical character recognition (OCR) artificial intelligence module (AI), with easy to employ “data feeder wizard” enables automatic or systematic data storage and integrity verification. A “smart contract” is created on the blockchain, by a number of actors involved in the transaction chain (businesses, tax & other authorities and financial institutions). The smart contract enables instant & secure file sharing, between multiple intended parties in an easy, compliant and systematic manner. QuantBack is α user friendly application with several feeding automations enabling instant information sharing with parties. Our users effectively benefit from instant sharing, verification of information integrity and completeness, end-to-end, saving work duplication and mitigating compliance risks.

Innovation & Scalability

The QuantBack highly qualified team members & partners carefully analyse global trends and regulations related to KYC-AML requirements to ensure product integrity, incorporating with user friendly work flows of our system. Our cutting-edge technological model is based on blockchain as an infrastructure (BaaI) and therefore a permissioned system, which in combination with our OCR and AI tools as well as the new breed of tokens (non-fungible), uphold security, management and control for the information to be shared instantly, yet in a very cost effective, transparent and compliant manner. Our competitors limit to open-source ecosystems offering codex that requires high level of IT understanding and customization, but no holistic structured solutions are being offered. QuantBack approaches the complex field of transaction transparency & KYC-AML verification, combining all the aforementioned technological tools and providing a total solution that enables users to visibly save resources, as well as timely and effectively tackle information sharing regardless the volumes and effectively exceed compliance/regulatory requirements. The innovation lies at the combination and exploitation of technology, for the benefit of all involved parties with the chain value (users, businesses, financial institutions, authorities). A unique approach based on technological innovation enhancing security, compliance and efficiency addressing the demand of the global financial system.

Traction & achievements

The team has completed the white-paper wherein the blockchain technology used as well as the digital asset is explained in detail. This white-paper will be uploaded on the website following the completion of the Minimum Valuable Product (MVP) and the final selection of the mode of financing of this venture. The Minimum Valuable Product is in its final process of analysis, currently been tested with our first client (a Cyprus based financial institution with clients from 8 countries). So far, a basic smart contract using a blockchain as an infrastructure solution has been developed and next step will be the addition of the component of a non-fungible token (NFT) as well as the incorporation of the OCR and AI module. Funding will be primarily allocated to finalize the development this infrastructure as well as establish a technical support department which will provide our clients with necessary guidance and facilitate onboarding.

Team & Why Us

Our core team consists of five executives/specialists: EA - over 20 years of big4 audit firms with consulting experience within the financial services sector, leading teams, designing and implementing projects and serving senior management positions. EK - over 20 years of financial audit experience serving senior management positions with big4 audit firms as AML/KYC officer leading teams, designing and implementing custom projects. DM – An industry renown financial services IT expert, skilled Security Consultant routinely responsible for securing highly sensitive and classified information. DK – A finance professional and academic with industry experience within financial services, expertise in financial technology and post-doc research work focus on crypto currencies and distributed ledgers. GD - IT project manager and developer with over 7 years of experience within the block chain technology, crypto currencies and EU licensed payment services.

Funding Needs

So far no funding needs. We are self-funded.