• Thu, 18 Apr 2019, 06:32 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) $5,294.54 (+0.94%)
  • Ethereum (ETH) $174.97 (+5.02%)
  • XRP (XRP) $0.336500 (+0.94%)
  • Bitcoin Cash (BCH) $307.58 (-0.31%)
  • Litecoin (LTC) $83.04 (+4.34%)
  • Bitcoin (BTC) $5,294.54 (+0.94%)
Apr 18, 2019 (Thursday)
11:52
Monex Group considers adding cryptocurrencies amid growing competition
10:58
Japan’s FSA to introduce new rules for crypto exchanges’ cold wallets: Report
09:38
Wirecard, Telegram’s TON partner to develop digital financial services and banking platform
09:10
E-Commerce giant Rakuten opens registrations for its cryptocurrency exchange
07:46
Enterprise Ethereum Alliance launches initiative to apply standards to tokenization
06:12
Crypto exchange Coinbase expands crypto-to-crypto support to 11 new countries
05:38
Crypto exchange Gemini adds full support for SegWit
04:11
Israeli shipping giant ZIM joins IBM Maersk blockchain shipping solution “TradeLens”
03:28
Ashton Kutcher’s Thorn looks to blockchain technology to eliminate child sexual abuse content from internet
Apr 17, 2019 (Wednesday)
11:45
Trading Technologies launches connectivity to bitcoin derivatives platform BitMEX
10:47
US SEC and FINRA to discuss digital assets and cybersecurity at National Compliance Outreach Program for Broker-Dealers
09:56
Blockchain smartphone maker Sirin Labs lays off 25% of staff
09:01
USDT launches on TRON Blockchain
07:13
EY launches smart contract testing service for public Ethereum blockchain, announces major upgrades
06:08
MUFG, Sozo Ventures back crypto compliance startup Chainalysis’s Series B round
05:10
eToroX launches cryptocurrency exchange , announces 8 stablecoins
04:25
Hong Kong insurer Blue Cross launches blockchain solution
03:45
South Korean telecom giant KT launches 5G-based blockchain platform 'GiGA Chain'
Apr 16, 2019 (Tuesday)
11:47
French government to invest €4.5B into blockchain technologies
11:03
Accenture and Generali launch blockchain solution for captive employee benefits
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft