Two Banks Successfully Complete Fund Transactions Using Blockchain

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We hear about new implementations of blockchain technology nearly every day now. More and more businesses discover that applying a distributed ledger tech to their operations can both: save cost and make things a lot smoother. Not to mention – more secure.

A global investment bank Credit Suisse and Portuguese Banco Best have just joined the group of companies successfully testing blockchain technology.

According to a press release published on February 7, the two banks have completed live end-to-end fund transactions, using FundsDLT, a “blockchain-based decentralized platform for fund transaction processing”. Every part of the transaction, from placing the order to the actual trade processing, was accomplished using the DLT technology.

“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 Investment at Banco Best explained.

FundsDLT was developed to improve fund transaction efficiency. Olivier Portenseigne of Fundsquare explained that “FundsDLT is an international initiative that streamlines a number of activities within the fund distribution value chain, and as a consequence, will reduce costs for the benefits of investors across fund and investor domiciles.”

 

Images by Shutterstock.com

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