Yesterday, WSFS Institutional Services, a unit of U.S.-based WSFS Bank, announced a collaboration with blockchain firm Intain for automating capital market transactions. The deal is to create a tool for trustee reporting of asset-backed security transactions on a distributed ledger technology (DLT) platform.
Among the many services it offers, WSFS Institutional Services provides owner and indenture trustee services for asset-backed securities (ABS). WSFS and Intain aim to automate part of this service using blockchain to reduce reconciliation.
“Most technological innovation in the industry to-date has been focused on front-end loan originations. Our work with Intain will allow us to produce trustee reports faster, with more accuracy and access to loan level detail to investors,” said Kristin Moore, Senior Vice President, Director, Corporate Trust, WSFS Institutional Services.
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