Credit Suisse and Banco Best putting fund trade process on DLT

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.”

Read the full release

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