The big four accounting firm’s project helps bring together crypto assets and traditional systems with the required processes and controls under one roof
KPMG has announced the launch of KPMG Chain Fusion — a technology infrastructure product built to streamline crypto-asset services for traditional financial service companies and FinTech start-ups.
According to a press release yesterday, the big four accounting organisation stated that the project addresses foundational problems in the crypto-asset market by helping institutional clients manage both traditional and crypto assets over public and private blockchain networks.
The technology infrastructure and operation mechanics involving crypto assets are significantly different from what the present traditional systems offer, the announcement noted. The differences pose inherent risks, and will aim to “accurately and completely aggregate data from different technology environments in order to meet internal and external expectations,” it added. Thus, it is crucial to enable effective customer account management, anti-money laundering (AML), and security, the press release said.
KPMG Chain Fusion was designed to help clients manage and address global regulatory considerations for strong system controls and support business objectives for accurate financial reporting. At its core, the project leverages a structured data model that enables a combination of data from both blockchain and traditional systems to support analytics for business, risk and compliance objectives.
“Regulators and auditors expect fully implemented controls and processes within and across a crypto asset business – whether they are crypto assets or traditional systems or anything in between. If you are a blockchain or digital asset-based business, you will have separate systems for everything,” said Sam Wyner, director, and co-lead of the KPMG Crypto asset Services team.
“There is a fundamental difference in technologies required to integrate– whether it be a permission or permission-less blockchain or a
