Banco Best and Credit Suisse bring DLT to fund transactions
Banco Best and Credit Suisse Asset Management have processed live end-to-end fund transactions, using FundsDLT, a blockchain-based decentralised platform for fund transaction processing.
Banco Best doing some good things
According to the firms, the cross-border distribution of an investment fund proved to be more efficient, scalable, and timely in processing. The transactions included every part of the fund trade process, from delivery of the order to the processing of the trade.
Claude Metz, head of shareholder services, Credit Suisse Fund Services (Luxembourg), says: “Integration with FundsDLT was very efficient and straight-forward. Blockchain technology in connection with potential mutualised know-your-customer (KYC) servicing will be a game changer for the investment funds business.”
For this project, Banco Best developed the API integration and created a dedicated app to understand the full impact of the client experience.
This integration reduced the time between the request and the settlement of an order in a substantial way.
FundsDLT is an international initiative to streamline activities within the fund distribution value chain, and as a consequence, reduce costs for the benefits of investors across fund and investor domiciles.
