Saffery Trust becomes first trust firm to offer blockchain-based data security with Wecan Group

Saffery Trust Switzerland has become the first trust service provider to partner with Geneva-based data security firm, Wecan, to offer enhanced data security and increasing efficiency in sharing documentation with intermediaries.

Wecan offers secure data management services, built on blockchain technology. Following its launch five years ago, Wecan now helps over 100 financial service providers including banks, external asset managers and auditors.

The Wecan platform acts as a secure digital vault, mitigating data security risks and providing heightened efficiency for sharing data when required. It also provides compliance monitoring, biometric security, secure communications and blockchain audit services.

Wecan Chief Operating Officer, Nathan Douet, explained that the platform was designed to provide data management solutions.

“Data security is a key consideration for any organisation and reducing risk is paramount. Potential issues surrounding data management include difficulty ensuring information is up to date, data being spread over multiple platforms, the use of unsecure email attachments, and the ecological impact of sending large files. The Wecan platform provides solutions to each of these common issues.”

“In addition, Wecan is designed intentionally so that we cannot access any data that we store on behalf of clients. This gives complete control back to our clients.”

“We have been encouraged by the growing number of businesses who have joined our network and are delighted that Saffery Trust is the first trustee service to partner with Wecan, which is a testament to the high value it places on securing data.”

Governance of the Wecan platform is managed through the Blockchain Association for Finance, providing independent validation of all financial intermediaries and an ongoing external audit of Wecan.

Wecan members can interact directly through the platform, and files shared between members – for example with mutual clients – can be updated in real time, with each member receiving instant notifications of changes. Data can also be shared from the platform to external parties where required via encrypted and password-protected files.

Saffery Trust Switzerland Managing Director, Paul Tucknott, said the partnership with WeCan reflected the firm’s commitment to providing a first-class client service and data security.

“From accepting cryptocurrency payments, to offering advanced consolidated reporting options, we regularly keep abreast of advancements in technology that could benefit our clients. We take our data security responsibilities seriously and were impressed by Wecan’s use of blockchain technology to offer enhanced solutions.

“We look forward to working with Wecan, and its members, in our ongoing efforts to deliver client service excellence and ensuring the privacy and security of our clients data is upheld to the highest possible standards.”