Technology and administration provider FNZ signed a deal with FinSwitch to provide a blockchain-enabled administration platform. FinSwitch connects the unit trust and fund management sector in South Africa.
The South African group serves 140 fund managers and distributors in the region by providing a solution for transaction and other data, reconciliations and regulatory reporting.
Finswitch will use FNZ’s ChainClear system to create a single “source of truth” for fund management transactions. The platform that uses Hyperledger Fabric covers trading, settlement, transfers, distributions and reconciliations. In the latter case, reconciliation is effectively eliminated because of data sharing. Transactions can be synchronized in real-time, and it enables instant settlement or delivery versus payment.
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