Big Four Auditing Firm KPMG Introduces Crypto Asset Management Tools

Dov Herman 5 years ago 49

One of the big four global accounting firms, KPMG, has rolled out a suite of tools that will help fintech startups and traditional financial companies to provide cryptocurrency services.

KPMG Launches Crypto Management Tools

The company announced on Monday that it is rolling out a few management tools that will make it possible for companies in the financial sector to provide crypto-asset services to their customers.

The product, called the KPMG Chain Fusion, is designed for institutional investors and allows them to manage their data according to the set regulations of financial reporting, processing, and security. The suite of tools makes it possible for clients to gather and organize data from blockchain databases and traditional financial systems.

The director and co-lead of the Big 4 auditor’s Cryptoasset Services team, Sam Wyner, revealed that his team has been working on the project for almost a year now. In February, the team switched focus to building the actual suite of tools.

Wyner stated that it is not unusual for banks to have numerous systems, and crypto companies are facing similar problems with their blockchain-based systems. While the two systems are fundamentally different, the root infrastructure behind blockchain systems is different from that of traditional systems. He highlighted that the problem is on how to connect all blockchain-based systems to the traditional ones in a way that the organizations can successfully and easily operate them.

The Function of the Chain Fusion

The KPMG Chain Fusion’s core function is to create a standardized data model for all the transactions that are conducted by an organization. Wyner added that it does not matter if the transactions are on-chain or off-chain on the blockchain system or if they are traditional fiat transactions.

Thanks to this suite of tools, financial companies will now be able to carry out advanced analytics on the data. To show its customers how this works, KPMG developed numerous use case modules using the actual feedback it got from companies in the sector, Wyner added.

One of these examples is to ensure that the data on a blockchain corresponds with the information recorded on a company’s books. As Wyner explained, “If you know you control an address and you think you have one Bitcoin on it and you look at the address on the public blockchain, do you have one Bitcoin, or are you running a fractional reserve?”

There are other challenges facing financial companies, such as finding ways to successfully pull data from databases, including blockchain data, and have the ability to run queries. Wyner stated that KPMG developed the solution in a way that they were able to integrate various technology providers, market data, and infrastructure providers.

Wyner, however, did not comment on the number of companies that are already using the Chain Fusion product. However, he stated that the company is talking about the product with various potential clients.

Although Wyner did not admit that KPMG’s name or reputation attached to the solution help companies become more comfortable using the crypto asset management tools, he stated that risk is not new in the financial services sector, and process risk and control are two areas KPMG does not worry about.

He admitted that so far in his career, this is one of the first times that he has thought of something and executed it to the finish point with the help of his team members. He added that it would not have been possible without the support of his team. As such, Wyner added that he is excited to continue talking about Chain Fusion with various fintech companies.

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