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. The transactions included every part of the fund trade process, from delivery of the order to the processing of the trade.
For this project, 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.
Claude Metz, Head of Shareholder Services, Credit Suisse Fund Services (Luxembourg) SA, said: “Integration with FundsDLT was very efficient and straight-forward. Blockchain technology in connection with potential mutualised 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.”
Olivier Portenseigne of Fundsquare concluded: “Our goal is to collaborate with major players from the fund industry so as to capitalize on the benefits that blockchain technology brings. We are delighted to see a Portuguese innovative bank linking with Credit Suisse Asset Management and test our platform to explore the value that this new infrastructure can deliver. 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.”