Banco Best and Credit Suisse Fund Transactions Using Blockchain-based Infrastructure
Banco Best and Credit Suisse Asset Management have successfully processed live end-to-end fund transactions, using FundsDLT, a blockchain-based decentralised platform for fund transaction processing.
The financial institutions say that the cross-border distribution of an investment fund over blockchain demonstrated the solidity of a new model that proved to be more efficient, scalable, and timely in processing, and marks another milestone for transforming fund distribution. The transactions included every part of the fund trade process, from delivery of the order to the processing of the trade.
For this project, Banco Best developed the API integration and created a dedicated app to understand the full impact of the client experience. This innovation reduces the time between the request and the settlement of an order in a substantial way.
This proof of concept also makes Credit Suisse Fund Services (Luxembourg) SA one of the first asset servicing providers to process a full end-to-end fund transaction using blockchain, integrated within its core platforms.