Leading ‘Big Four’ consultancy firm PwC, together with enterprise blockchain solutions provider Bloq; blockchain integration, reporting, compliance and analytics provider Libra; and digital identity start-up Netki, has launched a new fintech business platform called Vulcan Digital Asset Services, IBTimes UK reported.
Vulcan has been launched with the objective of fostering the use of digital assets for everyday banking, commerce and other personal currency and asset related services. The platform will enable fintech startups and existing innovative technology companies to gain access to PwC's global client base and co-develop new product offerings.
"Vulcan is a cloud-based platform that enables banks and corporates to offer a suite of new digital currency related products and services to individual, retail and institutional customers within a trusted, transparent and compliant ecosystem. It is the first of its kind globally and has been created to bring digital assets and currency to the mainstream”, Robert Allen, PwC director and Vulcan lead, said.
Vulcan will provide digital currency wallets, international payment processing, and investment and trading services, and will soon offer point-of-sale and merchant services and the ability to create and support native digital currencies and rewards based systems. Currently, it is exploring projects with an international banking group, a central bank, a regional airline and six other banks.
"We've created Vulcan because at PwC we believe new technology supported by advances in cryptography and network computing – particularly blockchain – will transform the consumer, government and financial market industries and shape the next generation of money”, Allen added.
According to the Vulcan website, it also provides a range of KYC, AML, sanctions, and reporting tools to ensure regulatory compliance. These include user monitoring, data visualisation, and business intelligence capabilities that enable our customers to perform deep dives into user behavior and align their services accordingly.
"Traditional financial services companies have taken a cautious approach to digital currencies because of the perceived issues with trust and transparency. Vulcan came about because we were looking at these issues in relation to Bitcoin – the poster child of digital money – and in particular, how we can solve challenges relating to the issues of anonymity, and existing regulatory requirements, and recourse given its cross-border nature, function as a store of value and lack of central control”, John Shipman, PwC's Fintech Asia Leader said.