Spanish firm Allfunds, the B2B fund distribution platform for wealth managers and banks, is introducing blockchain technology to increase fund distribution capabilities.
The company says it's already testing the technology in private sandboxes with major financial institutions and will announce strategic agreements with companies in the sector in the coming weeks.
Juan Alcaraz, CEO Allfunds, said blockchain technology is known to deliver greater transparency, enhanced security, improved traceability, increased efficiency and speed of transactions.
"Blockchain technology is known to deliver greater transparency, enhanced security, improved traceability, increased efficiency and speed of transactions," Alcaraz said. "Having developed our own proprietary blockchain technology, we will bring to market ground-breaking features and advantages to the wealthtech industry."
Blockchain-based solutions will flow from Allfunds Blockchain, including a solution to major concerns surrounding data governance in blockchain "ecosystems". This new company will operate as a separate entity under the Allfunds umbrella and be led by Ruben Nieto, the firm's previous head of innovation.
Allfunds offers 90,000 funds from 1,700 organisations and has €620bn ($730bn) assets under administration.
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by Tanya at http://www.ifajobs.net
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