Credit Suisse, Banco Best Process Blockchain-powered Fund Transactions
2/11/2019 7:37 AM
Swiss asset management firm Credit Suisse Asset Management and Portuguese financial institution Banco Best successfully processed blockchain-powered live end-to-end cross-border distribution of an investment fund.
The fund transaction was processed using FundsDLT, a blockchain-based decentralized platform. The transactions included every part of the fund trade process, from delivery of the order to the processing of the trade.
FundsDLT is an international platform that streamlines a number of activities within the fund distribution value chain, connecting Transfer Agent activities, payment systems and investors. It uses distributed ledger technology (DLT) and smart contracts in the fund transaction processing.
Credit Suisse claims that the new blockchain-powered model for fund transactions proved to be more efficient, scalable, and timely in processing the transactions.
For this project, Banco Best developed the application programming interface (API) integration and created a dedicated app to understand the full impact of the client experience during the Proof-of-Concept (PoC) transaction.
The transaction showed reduction in the time taken between the request and the settlement of a fund transaction order in a substantial way.
This PoC also makes Credit Suisse one of the first asset servicing providers to process a full end-to-end fund transaction using blockchain, integrated within its core platforms.
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