KPMG has built a suite of tools designed to help both traditional financial companies and fintech startups provide tightly managed crypto-asset services.
Targeting institutional clients, the new KPMG Chain Fusion product lets customers manage their data in compliance with regulations around financial reporting, security and processing needs. The suite allows these customers to collect and organize data from both traditional systems as well as blockchain databases, they announced on Monday.
Chain Fusion’s core service essentially creates a standardized data model for all transactions that an organization conducts, regardless of whether they’re an on-chain/off-chain blockchain transaction or a traditional fiat one. This allows these entities to run “advanced analytics” on the data. To demonstrate this capability, KPMG built multiple use case modules based around actual feedback from companies in the industry.
While it wasn’t said that KPMG’s name or reputation by themselves necessarily help companies become more comfortable dipping their toes into crypto-asset management, it was noted that risk is not new in the financial services industry, and process risk and control are two areas with which KPMG is comfortable.