Credit Suisse – financial services and advisory company – has recently revealed that their asset management division has just used blockchain to start and complete a fund transfer transaction with Banco Best, another financial service institution based in Portugal. The aim is to assess and improve the feasibility of blockchain usage in fixed-income markets.

A transaction processing service known as FundsDLT was used to start and complete this transfer. FundsDLT is the result of a collaborative partnership between InTech, KPMG Luxembourg, and the Luxembourg Stock Exchange.

Credit Suisse’s head of shareholder services, Claude Metz, explained that

“Integration with FundsDLT was very efficient and straightforward. Blockchain technology in connection with potential mutualized KYC (know your client) servicing will be a game changer for the investment funds business. This initiative benefits investors, distributors and transfer agents greatly from an operational efficiency standpoint, and we are only at the beginning of this most promising journey.”

The company has also noted that the completion of the transaction involved all the major parts of the regular transfer process meaning that FundsDLT can connect properly with other blockchains too. This has been celebrated as

“another milestone for transforming fund distribution.”

While the asset management division of Credit Suisse is conclusively the first asset servicing service to complete a full end-to-end funds transfer transaction with blockchain technology, other financial establishments have participated in similar ventures

For example, BMO Capital Markets – another financial services operator headquartered in Toronto, Canada – also collaborated with a pension fund to carry out the first blockchain based process of mechanizing all fixed income dealings in Canadian dollars. For specifics, BMO Capital Markets successfully transacted almost $200 million with the Ontario pension fund using blockchain.

There also was an app developed by Banco Best to completely mirror and access the clients’ usage of the app.

According to Banco Best’s director of investments, Carlos Almeida:

“This proof of concept is a great achievement and reinforces Banco Best’s commitment to be ahead of the curve. We want to be involved in blockchain technology to work together with all stakeholders in order to adapt and seize new opportunities in our business model, with the ambition to improve the customer experience and to promote financial inclusion.“

Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and EOS Price Analysis Watch (Feb 7th)

Similar to Notcoin - Blum - Airdrops In 2024

origin »

192 +