The transaction was performed at Credit Suisse’s Luxembourg-based fund administration business, reports Global Custodian.
”Will be a game changer”
It was performed between Credit Suisse Asset Management and portuguese Banco Best, using a decentralised blockchain-enabled platform named Funds DLT. Funds DLT is supported by the Luxembourg Stock Exchange.
”Blockchain technology in connection with potential mutualised know-your-client servicing will be a game changer for the investment funds business,” says Claude Metz, head of shareholder services at Credit Suisse Fund Services, quoted by Global Custodian.
The transaction steps on the platform included all parts of the fund trade process – from delivery of the order to the processing of the trade – and were said to reduce the time between the request and the settlement of the fund order.