SETL has started to process live transactions through IZNES, a pan-European record-keeping platform powered by the company’s blockchain technology.
OFI Asset Management has successfully trialled the system with selected clients, with other asset managers in the initiative including Groupama AM, La Financière de l’Échiquier, and Arkéa Investment Services.
The IZNES solution enables investors and distributors to easily subscribe and redeem fund units via a direct connection with the asset management company, thereby removing the need for the transfer agent, designed to reduce transaction costs for participating parties.
SETL’s blockchain technology also increases the transparency of the transaction, optimises operational workflow and will enable the development of new value-added services.
Pierre Davoust, CEO SETL France, noted: “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, added: “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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