Swiss asset management firm Credit Suisse Asset Management and Portuguese financial institution Best Bank successfully processed the cross-border distribution of an end-to-end live investment fund based on Blockchain technology.
The transaction of the fund was processed using FundsDLT, a decentralized platform based on Blockchain. The transactions included every part of the fund’s negotiation process, from the delivery of the order to the processing of the transaction.
FundsDLT is an international platform that optimizes a series of activities within the value chain of distribution of funds, connecting the activities of the Transfer Agent, the payment systems and the investors. It uses distributed general ledger (DLT) technology and smart contracts in the transaction processing of the fund.
Credit Suisse affirms that the new model specialized in the networks of block chains for fund transactions proved to be more efficient, scalable and timely to process transactions, than the traditional services that have always been in charge of it.
For this project, Best Bank developed the integration of the application programming interface (API) and created a dedicated application to understand the total impact of the customer experience during the Proof of Concept (PoC) transaction.
The transaction showed a substantial reduction in the time elapsed between the request and the settlement of a fund transaction order.