PassOn, a Swiss start-up incorporated in the heart of Switzerland’s Crypto Valley in Zug specializing in the transfer of digital assets as part of inheritances, and Synechron, Inc., a leading digital IT consulting firm for financial services, announced on April 17, 2019 the successful completion of a succession-planning application based on Distributed Ledger Technology (DLT) capable of performing on-chain-transmissions of blockchain-based assets. This development marks the completion of the first phase of the solution.
Through the partnership, PassOn has drawn on Synechron and its proven digital, user experience, blockchain, and fintech consulting expertise to create a Minimum Viable Product (MVP).
PassOn is now working with Synechron to move on to phase two of the initiative, which includes the development of a production-ready wallet and Application Program Interfaces (APIs) for the integration of Business-to- Business (B2B) clients and exchanges.
PassOn uses blockchain to track, store and exchange ownership rights and define succession triggers. For traditional assets, such as financial instruments or life insurances, which too often end up as dormant accounts or as unclaimed insurances, PassOn uses blockchain to pre-register and maintain assets through a notarized environment with heirs/beneficiaries and patrimony.
By collaborating with regulators, infrastructure providers, lawyers, and notaries, PassOn aims to create the first, fully-regulated blockchain inheritance ecosystem, visible to the authorities and transparent to all stakeholders. PassOn plans to address the alarming absence of a solution to easily transmit digital assets, while at the same time to leverage inherent blockchain functionality to transform existing processes surrounding succession planning.
Synechron has worked with PassOn to support this DLT-enabled vision, with its creation of a digital, DLT application (DApp) interacting with the PassOn Smart Contract on the Ethereum blockchain. During phase two of the project, Synechron will continue to collaborate with PassOn to develop the Wallet and enable PassOn APIs offering B2B & B2B2C integration capabilities.
Synechron was chosen for this project for its strategic ‘Power of 3’ capabilities, a unique pairing of digital, business consulting, and technology capabilities, and its industry-leading work with financial operators such as SIX – which owns and manages the Swiss Stock Exchange – and a key partner of PassOn after their partial acquisition of PassOn in October 2018.
“As a blockchain startup, we quickly realized that one of our biggest challenges would be to find the right skillsets to support our growth ambitions. The partnership with Synechron allows us to source the best expertise during the ramp-up phase and to quickly scale integration capabilities to respond to the growing demand for our technology in the B2B/B2B2C space. We also felt it was important to partner with someone capable of helping us navigate the complex, fast-evolving and sometimes still immature world of blockchain technology. Synechron has gathered significant expertise shaping the digital strategy of top-tier financial institutions in the permission-based blockchain space. The road ahead will require us to solve many technological challenges, and we are delighted to have Synechron at our side to support us on that journey,” explained Stephan Wippermann, CEO of PassOn.
“The completion of the first phase for PassOn and Synechron reaffirms our confidence in both organizations as our key partners in defining future solutions to very real emerging challenges. As new, digital assets gain market share, it’s essential for us as an industry to focus on ensuring clear ownership and the transmission of that ownership to protect asset holders through a proper infrastructure, strong governance and robust solutions. PassOn is an innovative company solving a real challenge – asset inheritance – in the digital age,” said Valerio Roncone, Head Future Business at SIX Securities & Exchanges, and PassOn, Board Member.
Laurent Salvinien, Managing Director at Synechron, stated, “Today’s investors are demanding mobile-first and self-service digital applications and are looking outside of the financial services industry at new business models that are encroaching into the traditional investment sphere. PassOn has created an incredibly compelling solution that bridges the fintech crypto world with traditional finance markets, all the while creating a value-added service for today’s digital assets and tomorrow’s world of tokenized assets. Synechron is proud to partner with PassOn to achieve that vision and to help financial institutions accelerate their digital initiatives.”
Synechron is a leading Digital IT Consulting firm and is working to accelerate digital initiatives for banks, asset managers, and insurance companies around the world. It achieves this by providing its clients with innovative solutions that solve their most complex business challenges and combining Synechron’s unique, end-to-end digital, business consulting, and technology services. Based in New York, the company has 18 offices around the globe, with over 8,000 employees producing over USD 500 million in annual revenue. For more information on the company, please visit the website or its LinkedIn community.
PassOn is a Swiss company providing a blockchain infrastructure that is notarized, fully secure and regulatory compliant. Our inheritance technology prevents digital assets from easily getting lost and from changing ownership in an unauthorized way. The PassOn platform manages access and the relevant information and integrates succession planning and execution processes in the most efficient way.
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