Today Allfunds Blockchain said it is open for business in Italy using its FAST solution, which enables data sharing between fund industry participants to transfer funds. It follows a successful trial as part of its Business Lab that involved 18 Italian participants, including asset managers, distributors and intermediaries.
Through the Lab, Allfunds found the top pain point is the time it takes to transfer units of funds between intermediaries. Using blockchain to share data between participants can not only speed up the process but also reduce costs. A common data source also improves transparency and should result in fewer transaction errors.
The Lab participants, who aren’t necessarily in production on the platform, were Allfunds, Azimut, Banca Generali, Banca Mediolanum, Bnl – Bnp Paribas, BNP Paribas Asset Management, BNP Paribas Securities Services, BPER Banca, CheBanca! S.p.A., Fidelity International, Fideuram – ISPB, Franklin Templeton, M&G Investments, Morgan Stanley Investment Management, Pictet Asset Management, and Schroders.
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