SETL and OFI AM being to process blockchain transactions on IZNES
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SETL and OFI AM being to process blockchain transactions on IZNES 11 January 2018Paris Reporter: Jenna Lomax
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IZNES, the pan-European record-keeping platform for funds, has started to process live transactions.
IZNES, which is powered by SETL’s blockchain technology, has begun processing live transactions in a series of trials with selected clients, with assistance from OFI Asset Management.
The IZNES platform allows investors and distributors to subscribe and redeem fund units via direct connection with an asset management company.
According to SETL, this new process enables IZNES to exchange information within its existing fund distribution programme, excluding the need for a transfer agent — reducing transaction costs.
IZNES has also introduced the initiative to other asset managers, including Groupama AM, La Financière de l’Échiquier, and Arkéa Investment Services.
Pierre Davoust, CEO of SETL France, said: “The flexibility of IZNES allows it to be deployed with minimal impact on other business processes and logic. This enables investors, distributors and asset managers to operate their usual internal tools to process their orders on the SETL blockchain.”
Peter Randall, CEO of SETL development, commented: “This is an important step in bringing 21st Century technology to the asset management sector, including reduced costs, better transparency and workflow. When this project is fully operational it will be the largest single instance, by value, of a permissioned blockchain in the world.”
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