Asseco has developed IT system for keeping the register of shareholders based on KDPW Blockchain Platform
By the end of June, non-public stock and limited companies must select an entity to keep an electronic register of shareholders. Only entities authorized to conduct brokerage activities, such as brokerage offices and houses, will be able to do so. Asseco Poland has developed PROMAK RA - an IT system that will enable to serve these new clients. Asseco's solution is integrated with the Blockchain Platform for the Capital Market provided by the National Depository for Securities (KDPW).
The mandatory dematerialization of non-public companies' shares will apply to all stock companies and limited stock partnerships, regardless of the number of shareholders. In Poland there are about 14,000 such entities. The shares of these companies issued in the form of a paper document will expire in 2021. These companies will have to have an electronic register of shareholders kept by an authorized entity, e.g. a brokerage house. The aim of the changes is to increase the transparency and efficiency of the exchange of information on tax matters in accordance with the standards of the Organization for Economic Cooperation and Development.
The introduced changes mean a new area of activity for brokerage offices. With a view to adapt them to the new responsibilities, Asseco Poland has developed PROMAK RA - an IT system that enables keeping the register of shareholders. It provides users with an electronic form of all brokerage activities related to the register of shareholders (register of agreements, issues, transfers, blocks of shares, register certificates) as well as handling of rights attached to shares, including dividends. By the end of June 2020, companies must select the entity with which they will conclude an agreement to maintain the e-register.
It is impossible to keep an electronic register without a specially developed IT system. Asseco has been cooperating with the capital market for many years; therefore, with the new responsibilities of brokerage houses in mind, we have created PROMAK RA, which will allow them to offer these services at the highest level of technology and security, said Artur Trunowicz, Director of the Capital Markets Division, Asseco Poland.
PROMAK RA can be implemented both in the system of the existing infrastructure of the financial institution, as well as launched in the cloud-based SaaS formula. This allows for an easy and quick start-up of the solution without the need to engage internal IT resources. Asseco's system is integrated with the Blockchain Platform for the Capital Market developed by KDPW.
The idea of the Blockchain Platform for Capital Market is to provide all its participants with the infrastructure to co-create a uniform, safe and trusted ecosystem of cooperation. It is an open solution, which facilitates the cooperation in the area of innovative post-trading services, said Sławomir Panasiuk, Vice-President of the Management Board of KDPW.
The aim of KDPW in creating the concept of the Platform was to minimize the costs associated with the creation of services in a distributed model. This allows for the creation of specific solutions without the need to incur duplicate expenses on the creation of the network and development of its maintenance processes. The Platform also lowers the threshold of entry into the area of blockchain technology and allows to widely use the potential of the ecosystem created by capital market institutions. The platform was launched in mid-2019. The first service available on the platform is eVoting, which digitizes the voting process at general meetings of companies.
Asseco for the capital market
Asseco Poland is a provider of the PROMAK family of solutions dedicated to the financial sector, which effectively support the work of brokerage houses, banks, depositors and investors, both individual and institutional. The company is also the largest Polish IT company listed on the Warsaw Stock Exchange (WSE) and the 6th largest European software producer. It leads international Asseco Group, which operates in over 50 countries and employs over 24,000 people.
The National Depository for Securities (Krajowy Depozyt Papierów Wartościowych - KDPW) forms a capital group offering highly specialized services for the financial sector, related to the deposit of dematerialized financial instruments, clearing and settlement of transactions, performance of services to holders of securities, data collection and storage. The group consists of KDPW, which acts as the central securities depository (CSD), and the KDPW_CCP clearing house.