Credit Suisse and Banco Best had processed end-to-end fund transactions on blockchain

Credit Suisse and Banco Best had processed end-to-end fund transactions on blockchain

The initiative will considerably improve performance for investors, distributors and transfer agents

On February 7, 2019, an international financial services company Credit Suisse and Banco Best – a Portuguese financial institution based in Lisbon – revealed in the official press-release that they had completed end-to-end fund transactions on blockchain. Every part of the process of fund trading is now reportedly updated by introducing FundsDLT platform based on blockchain.

FundsDLT reportedly aims to improve the efficiency of fund transaction processing by implementing blockchain and smart contracts. End-to-end or mutual fund transaction is a pool of money provided by a group of investors. That pool is supposed to be different from buying and selling stocks and it is put into a portfolio of bonds, stocks and government securities.

According to the press-release, Banco Best operating in the fields of banking, trading and asset management was responsible for the application programming interface (API) integration during the initiative realization, and it also developed a special application that helps to collect customers’ experiences.

Claude Metz – the head of shareholder services at Credit Suisse assured that integration with FundsDLT was very efficient and innovative. “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,” he said.

Author: Helen Darkhouse

 

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