London’s SETL Creates Blockchain Records Platformbr>
London-based blockchain start-up SETL, along with four French asset management firms, has developed a pan-European fund record-keeping platform based on blockchain technology.
Called IZNES, the platform enables firms to enter into new relationships with investors, manage know your customer (KYC) processes, handle subscription/redemption instructions, and settle transactions and record positions. The platform aims to reduce transaction costs, increases transparency, and optimize operational workflow.
The platform relies on a proprietary permissioned blockchain developed by SETL named OpenCSD. The OpenCSD is a financial services-ready platform designed for financial technology institutions that can handle mutual funds, private equity, cross border transactions, and commercial invoices
IZNES represents a collaboration between SETL and four asset management firms: OFI AM, Groupama AM, La Financière de l’Échiquier and Arkéa Investment Services. These groups joined in the initial version of the platform in July and have been involved in the validation process of the technology.
SETL and its partners are now working with other interested parties to develop an improved version of the platform, with the intention of going into production in early 2018.
Pierre Davoust, CEO of SETL France, said IZNES is the result of the alignment between the strong demand from asset management firms to establish a simple, effective relationship with their investors and the cutting-edge technology developed by SETL.
“IZNES is a project that will revolutionise the fund industry in Europe and bring substantial benefits to asset management firms as well as investors and their intermediaries,” said Davoust. “I look forward to working with our partners to build this next-generation platform and invite all interested parties to join us.”
“OFI Asset Management wanted to be actively involved in this market project, which offers asset management firms new distribution solutions in the interest of investors thanks to blockchain technology,” said OFI AM CEO Jean-Pierre Grimaud.