Streamlining compliance for blockchain-based international remittance service providers
About
Applicant name: Solidus Labs
Innovation Name: SolidReg
Innovation Type: Solution
Website: http://www.soliduslabs.com
Mission: Streamlining compliance for blockchain-based international remittance service providers
Innovation Description: Blockchain’s potential to transform cross-border remittances is currently hindered by the compliance hurdle: A 2016 study by McKinsey notes blockchain’s advantage in almost all service dimensions, except for compliance where it ranks lower than all existing remittance service provider (RSP) solutions.
Solidus Labs’ team of former Goldman Sachs engineers streamlines compliance for blockchain-based RSPs. Our solution, SolidReg, aggregates and collects reportable data, transforms it in accordance with regulatory requirements and sends it back to the RSP and/or directly for regulatory inspection. It acts as a bridge between blockchain and regulators, reducing the compliance hurdle.
By minimizing this significant entry barrier, SolidReg directly assists blockchain-based RSPs, both existing and new. It promotes Solidus’ overarching vision of a healthy ecosystem where remittance companies and regulators work together, harnessing the power of blockchain to benefit consumers, markets, economies, and societies.
Status of Innovation: Concept
Innovation Active Since: 06/01/2018
Applicant Type: Private Company
Headquarter City: New York City
Headquarter Country: United States
Year Founded: 2017
Main Category
Main Category Choice: Compliance Solution
Why do you think you should win this category?:
SolidReg directly addresses compliance challenges facing aspiring and existing blockchain-based RSPs. Solidus’ team has 20 years of combined experience adapting innovative financial technologies to regulatory requirements. At Goldman Sachs, our engineers worked daily and directly with regulators. We understand regulatory motivations, maintain active relationships with regulators and incorporate their feedback into our work.
Simultaneously, we have a track record of blockchain projects, including regulatory work. In one case, we have partnered with a client and local regulators to architect and deploy a compliant crypto-based payment system in Zimbabwe.
Our proven knowledge of regulatory environments and the blockchain ecosystem, uniquely positions us to tackle the challenge of compliance for blockchain-based RSPs.
Various studies calculate compliance as a 5-10% cost for the $574B global remittances industry. Solidus’ solution would therefore have a potential impact on a roughly $40B market.
Secondary Category
Secondary Category Choice: Technology Innovation
Why do you think you should win this category?
SolidReg is technology-focused, executing an extensive ETL process on blockchain-based remittance networks. It streamlines compliance by collecting and aggregating reportable data, transforming it in accordance with regulatory standards and sending it back to RSPs and/or directly for regulatory inspection.
Our focus is interoperability and adaptability. SolidReg is designed to plug into the RSP’s system in order to minimize the technological resources they invest in compliance and instead focus on developing their remittance service. Further, the architecture’s proprietary modular design will make it inexpensive to scale as new policies are introduced.
Solidus is equipped to provide this tech-centric service, with a combined 20-year experience in FinTech. Our experience spans across organizations at the highest level of finance and banking in multiple countries. We have a proven record carrying FinTech experience into the realm of blockchain, including the design and deployment of a compliant crypto-based payment system in Zimbabwe.
Team Members
Full Name: Shimon Mazor
Role: Vice President, Product
Linkedin: https://www.linkedin.com/in/
Full Name: Praveen Kumar
Role: Co-Founder, Chief Technological Officer
Link: https://www.linkedin.com/in/
Full Name: Asaf Meir
Role: Co-Founder, Chief Executive Officer
Link: https://www.linkedin.com/in/
Full Name: Chen Arad
Role: Chief Operating Officer
Link: https://www.linkedin.com/in/
Supporting Links
SolidReg product deck: http://www.soliduslabs.com/
Solidus Labs company LinkedIn page: https://www.linkedin.com/
Links to cited materials and supporting research: http://bit.ly/
Entry Representative
Full Name: Shimon Mazor
Role: Vice President, Product
