Cordant emerged from stealth after raising $8 million in a seed round.
The company, which monitors money-moving systems for financial institutions, said in a press release that the seed round was co-led by Oak HC/FT and Motive Partners.
“Money moves in real time, but understanding where a transaction went, which systems and partner acted, who authorized it and whether the records agree still depends on weekly and monthly reporting,” co-founder and CEO Eric Rosenthal said in the release.
“We built the layer that was missing; one that shows how a transaction moved across all the systems involved or where the hand-off across systems and teams breaks down,” he added.
Cordant is developing the platform with 11 design partners in banking, payments, embedded finance, cross-border transactions, stablecoins and digital assets.