• Sun, 17 Feb 2019, 03:48 PM
  • All times are UTC
  • Edition:
    International
Link copied

Banco Best, Credit Suisse complete live fund transactions using blockchain

Thu, 07 Feb 2019, 12:05 pm UTC

Banco Best, a Portuguese financial institution, and Credit Suisse Asset Management have successfully processed live end-to-end fund transactions using blockchain technology.

For the live transactions, the entities used FundsDLT, a blockchain-based decentralized platform for fund transaction processing. With this proof-of-concept, Credit Suisse Fund Services (Luxembourg) SA has become one of the first asset servicing providers to process a full end-to-end fund transaction using blockchain.

According to the official release, the blockchain-based cross-border distribution of an investment fund demonstrated the technology’s potential to facilitate more efficient, scalable, and timely processing. The transactions included every part of the fund trade process, from delivery of the order to the processing of the trade.

“Integration with FundsDLT was very efficient and straight-forward. Blockchain technology in connection with potential mutualized KYC (know your client) servicing will be a game changer for the investment funds business,” Claude Metz, Head of Shareholder Services, Credit Suisse Fund Services (Luxembourg) SA, said. “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.”

For the project, Banco Best developed the API integration and a dedicated app to understand the full impact of the client experience. Banco Best and Credit Suisse said that they were able to substantially reduce the time between the request and the settlement of an order.

“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,” Carlos Almeida, Director of Investments, Banco Best, said.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $3,629.85 (-0.23%)
  • Ethereum (ETH) $126.39 (+2.23%)
  • XRP (XRP) $0.300500 (-0.60%)
  • Litecoin (LTC) $43.26 (-1.46%)
  • EOS (EOS) $2.81 (-0.96%)
  • Bitcoin (BTC) $3,629.85 (-0.23%)
Feb 15, 2019 (Friday)
10:50
Dutch firm ElaadNL taps IOTA technology for autonomous smart grid PoC
09:39
Rabobank pumps ‎€80M into venture fund to drive fintech and agtech investments
09:06
Enterprise Ethereum Alliance to launch token task force in 2019
07:21
BitTorrent unveils new payment card for BTT tokens
06:09
Luxembourg lawmakers pass blockchain bill into law
05:11
Canadian crypto exchange Coinsquare acquires StellarX
04:12
JP Morgan reveals key details of Quorum Blockchain-based JPM Coin
03:41
Samsung SDS develops blockchain accelerator technology to enhance transaction processing speed
Feb 14, 2019 (Thursday)
12:11
JP Morgan to trial own cryptocurrency ‘JPM Coin’ for instant client payments: Report
11:04
Intel announces new product to accelerate blockchain deployment
09:47
Huobi Wallet adds support for Japanese and Korean languages
09:11
US CFTC includes cryptocurrencies in 2019 examination priorities
07:24
Nasdaq to launch Brave New Coin Bitcoin and Ethereum indices on February 25
06:07
Italian interbank blockchain project enters pre-production phase
05:14
Enterprise Ethereum Alliance opens regional office in China
04:16
UC Berkeley launches blockchain accelerator for early stage startups
03:39
Former JPMorgan Chase executive joins blockchain startup Vakt as CEO
Feb 13, 2019 (Wednesday)
11:46
New feature to enable Coinbase Wallet users to backup private keys on Google Drive and iCloud
10:52
Hyundai Commercial partners with IBM to create blockchain-based commercial financing platform
09:45
Gibraltar Blockchain Exchange lists ICNQ token on GBX-DAX
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft