Banco Best and Credit Suisse Asset Management successfully processed live end-to-end fund transactions, using FundsDLT, a blockchain-based decentralized platform for fund transaction processing. The transactions included every part of the fund trade process, from delivery of the order to the processing of the trade.
The cross-border distribution of an investment fund over blockchain demonstrated the solidity of a new model that proved to be more efficient, scalable, and timely in processing, and marks another milestone for transforming fund distribution.
Banco Best developed the API integration and created a dedicated app to understand the full impact of the client experience. This innovation reduces the time between the request and the settlement of an order in a substantial way.
This proof of concept also makes Credit Suisse Fund Services (Luxembourg) one of the first asset servicing providers to process a full end-to-end fund transaction using blockchain, integrated within its core platforms.
Claude Metz, head of Shareholder Services, Credit Suisse Fund Services (Luxembourg), said in a statement: “Blockchain technology in connection with potential mutualized KYC (know your client) servicing will be a game changer for the investment funds business.”
Pascal Nägeli, chief digital officer at Credit Suisse Asset Management added: “With the successful completion of real, live transactions, we were able to prove that considerable benefits can be achieved with distributed ledger technology for both clients and asset managers.”