OFI Asset Management has announced that it will try out real-time blockchain trading on the IZNES fund accounting platform of London's blockchain settlement system development company SETL.
According to a press release issued by the French Oufei Asset Management Company, they have conducted a series of production trial runs with their customers. As a result, all transactions through the IZNES system have been successful. It is worth mentioning that the IZENS fund accounting platform was jointly developed by France Europe-Africa Asset Management Corporation and STEL Corporation. In addition, the participants of the project include France's Groupama AM and Arkéa Investment Services.
Peter Randall, CEO of SETL Development Ltd, said that the success of this pilot project will be an important milestone in the application of blockchain technology in asset management. In fact, the advantages of blockchain technology include cost reduction, transparency, and workflow efficiency. Peter Randall said:
“When this blockchain project is fully operational, it will become the world's most valuable private chain use case.â€
The IZNES solution allows investors to redeem funds directly through asset management companies without having to go through intermediaries such as transfer agents or fund transfer accounts. Using blockchain technology, the IZNES platform can support fund issuance, transfer and redemption.
Pierre Davoust, CEO of SETL France, points out that the IZNES platform is highly flexible, allowing it to minimize the impact of business processes. He said:
“Investors, fund distributors and asset management companies are able to use their own internal tools to process orders on the SETL blockchain.â€
Founded in July 2015, SETL aims to develop an organization-wide payment and settlement infrastructure based on blockchain, covering a wide range of assets and currencies.
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