SEI and Coinfirm concur for blockchain-powered asset transfers
Aha! Blockchain… we meet again (and again and again)
Wealth management firm SEI is partnering with London-based blockchain company Coinfirm as they plan to tap into the UK’s asset transfer market.
Coinfirm and the SEI Wealth Platform will use digital ledger technology (DLT) – and as with 99.9% of comments on any blockchain project, SEI says its solution will reduce costs and risks.
Brett Williams, MD, SEI Wealth Platform, UK private banking, says the asset transfer market is “widely regarded as one of the most expensive and error-prone parts of the asset management value chain, with much of it still involving a great deal of manual procedures”.
Following an initial development period, SEI and Coinfirm intend to embark on a pilot programme with one of SEI’s existing (and unnamed) UK clients before rolling out the offering to other clients and the wider market in 2018.
Coinfirm was also one of the first participants in SEI’s regulation technology incubator, Codify, which launched earlier this year. In addition, Coinfirm develops dedicated blockchain solutions such as its data provenance platform Trudatum.
The SEI Wealth Platform is an outsourcing solution and supports trading and transactions on 149 stock exchanges in 55 countries and 41 currencies, through the use of straight-through processing (STP) and a single operating infrastructure environment.
The core processing technology behind the SEI Wealth Platform is TCS Bancs from India-based TCS Financial Solutions.
As of 30 June 2017, through its subsidiaries and partnerships, SEI states that it manages, advises or administers $809 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $307 billion in assets under management and $497 billion in client assets under administration.
