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The Custody Service will provide a secure and reliable system for the safekeeping of an investor's financial assets (e.g a digital securitysecurities), ensuring that Investors assets are segregated, protected and managed in an efficient and transparent manner. The Custody Service will maintain accurate records of all assets under custody; the cryptographic materials related to keeping those assets; protection of assets from unauthorized access; approval of instructions from the account holders and regulatory reporting as required, ; and balance and information inquiries. It will also allow asset managers to provide various services to the their end Investors, using the FinID custodied by them, such as distribution of dividends.
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Facilitating a Connect to Custodian process, to onboard Investors on a custody wallet and associate it with the Owner FinP2P Profile on the Owner Node. This process insures ensures that the owner is indeed the same owner that was onboarded by the Owner service (such as a broker dealer, bank or exchange) and therefore has the same certificates, such as KYC/AML.
Approve and Sign FinP2P Transactions for the Investor’s asset trades.
See and report on the Investor asset holdings and balances.
Facilitate Transfer of assets from an existing FinID identity to another FinID managed by the chosen custodian.
Facilitate the process of re-associating the custody FinID account to a different Investor profile on a new Owner Node in case of Node “termination” (such as in the event of a broker dealer bankruptcy).
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The Owner Service - managed by the Primary Node of the owner (e.g. the broker dealdealer, bank or exchange). This is the service that provide provides certificates for the Owner, present presents investment opportunities to the owner, and will enable the owner to initiate trades.
The Custody Service - the FinID of the Owner for that specific asset - managed by the financial institution’s node that provides the Custody service.
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Diagram depicts the interaction between the Investor, the Trading Platform, the Custody Service and Asset Node for moving an existing FinID with tokenized asset into a custody provider FinID account. A request is sent to the custody provider to connect the investor owner profile to a new custodian account with a designated FinID for the owner. A connect approval process is coordinated with the user to connect the custodian account, validate and approve it. Then a transfer process is started to move assets from the original FinID to the new designated FinID at the custodian. Asset nodes will be able to identify that this transfer is between FinIDs of the same investor and handle the transfer operation accordingly, resulting in a new receipt approving the update. |
Custody
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providers access to information from the asset service
FinP2P provides permission to request and access information based on the Profile ResourceID of the owner, which means the trading service (such as the broker dealer) can have such information. Once we introduce a Custody provider, the custody service should ALSO be able to access information related to the assets belonging the the FinID managed by them.
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