In the ever-evolving landscape of technology, London-based Cygnetise has taken a monumental step towards transforming the world of Authorised Signatory Management (ASM) with blockchain technology. Recently, Cygnetise secured £2.5 million in a pre-series A funding round, spearheaded by UK investment syndicate Adjuvo, alongside support from US VC Massive and existing VC and angel backers.
The Power of Blockchain in Authorised Signatory Management
Authorised Signatory Management is a crucial process for countless companies, especially those in financial and legal services. It involves managing and sharing authorized signatories efficiently and securely, often through a time-consuming and error-prone manual process. This is where Cygnetise steps in, offering a cutting-edge solution.
Cygnetise’s platform leverages blockchain technology to revolutionize ASM. It empowers operations and finance departments to seamlessly manage and share authorized signatories with banks and other counterparties in real-time. The advantages are multifaceted:
- Efficiency: Cygnetise’s solution drastically reduces the time spent on manual and paper-based tasks, saving over 90% of the time typically consumed by traditional methods.
- Cost Reduction: By streamlining the signatory management process, Cygnetise helps businesses cut costs significantly.
- Transparency: Blockchain’s inherent transparency ensures that all authorized signatory changes are easily traceable, enhancing transparency and accountability.
- Security: The blockchain technology employed by Cygnetise bolsters security, reducing the risk of fraud and ensuring that the signatory management process remains secure.
- Operational Excellence: By automating and digitizing the process, Cygnetise enables operational excellence, reducing errors and enhancing overall efficiency.
- Business Continuity: The digital nature of Cygnetise’s platform ensures business continuity, even in challenging circumstances.
Expanding Horizons with £2.5 Million Investment
The recent £2.5 million investment is a significant milestone for Cygnetise. This infusion of capital will propel the company into its next phase of expansion and growth. Cygnetise is already live in over 40 countries, and this funding will facilitate further international expansion and cater to the growing demand for their services.
Cygnetise CEO, Steve Pomfret, expressed his excitement about the partnership with the new investors, emphasizing that this marks a crucial step forward for the company. He acknowledged the entire Cygnetise team for their contributions in reaching this point.
Adjuvo CEO, Mark Foster-Brown, highlighted the significance of Cygnetise’s technology in the business world, especially in sectors like finance and legal services. He emphasized the transformation brought about by Cygnetise’s digital blockchain technology, leading to increased efficiency, security, and operational excellence.
Blockchain for a Global Standard
Massive Managing Partner, David Mandell, echoed the sentiment that Cygnetise is on its way to becoming the industry standard for signatory management across various sectors. The unique benefits of blockchain technology in this context are substantial, addressing a complex and persistent business problem.
Cygnetise’s collaborative digital signatory management solution offers complete control over employee signing authority management. This not only enhances efficiency and reduces costs but also revolutionizes how businesses handle this critical aspect of their operations.
A Global Reach and Growing Clientele
Since its inception in 2016, Cygnetise has continually expanded its global footprint. The company boasts a diverse clientele, including prominent names like PwC, Societe Generale, Willis Towers Watson, Charles Schwab, JTC, Raymond James, ADNOC, Evelyn, and SEI. These clients attest to the efficacy of Cygnetise’s blockchain-powered ASM solution.
In conclusion, Cygnetise’s recent funding success underscores the growing recognition of blockchain’s transformative potential in the world of Authorised Signatory Management. By simplifying and securing this critical process, Cygnetise is poised to become a global leader in this field, helping businesses across industries save time, money, and resources while enhancing transparency and security. As they continue to expand their reach, more companies are set to benefit from the efficiency and innovation that Cygnetise brings to Authorised Signatory Management.
What is Authorised Signatory Management (ASM)?
Authorised Signatory Management, often abbreviated as ASM, is a critical process for businesses, especially those in financial and legal services. It involves managing and sharing authorized signatories efficiently and securely. This ensures that the right individuals have the authority to make decisions and sign documents on behalf of the organization. ASM is crucial for maintaining transparency, security, and accountability within a company.
How does Cygnetise use blockchain in Authorised Signatory Management?
Cygnetise leverages blockchain technology to transform the ASM process. Their platform allows operations and finance departments to digitally manage and share authorized signatories in real-time. Blockchain’s transparency, security, and efficiency benefits are harnessed to streamline this often cumbersome task. Cygnetise’s solution enhances efficiency, reduces costs, and ensures the process remains secure and transparent, making it an industry-standard solution for signatory management.