Technical solutions provider Notabene, in collaboration with the Financial Services Regulatory Authority (FSRA), has completed testing of cross-border transactions with seven companies.
Notabene creates technical solutions for businesses based on the SaaS model and provides customers with off-the-shelf software. Notabene’s main mission is to bring the traditional and cryptocurrency financial industries together.
“We are working to make crypto payments part of the everyday economy by providing software and tools to manage data,” Notabene said in a statement.
Four Abu Dhabi Global Markets (ADGM) firms – Matrix, Aarna Capital, DEX and MidChains – have completed test transactions with Amber Group, Liquid and Zipmex applying for a Singapore digital payments license.
This is one step in preparing for new regulatory compliance. Anti-money laundering (AML) regulations require companies to share information about customers who make transactions.
The companies tested interactions with firms in different jurisdictions and with companies that are not Notabene’s customers. We also tested the cancellation of transfers in case the internal records and data do not match.
“The industry is making it clear to regulators that it can adapt to the intricacies of new regulations. Including the changing rules in force in different places. Notabene software ensures that organizations complying with different rules do not have to restrict the flow of transactions. ”
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