SEI Teams with Coinfirm on Blockchain for Asset Transfers

News | September 21, 2017 By:

Financial services company SEI is teaming up with London-based blockchain company Coinfirm to develop a blockchain solution that will significantly reshape the UK’s asset transfer market. The initiative is part of a global push by SEI to utilize blockchain and other technologies for the benefit of the company’s clients.

SEI is a global provider of asset management, investment processing, and investment operations solutions for institutional and personal wealth management. They help professional wealth managers, institutional investors and private investors create and manage wealth — and enable their long-term success by providing solutions that are both comprehensive and innovative. SEI serves about 8,200 clients, including banks, trust institutions, wealth management organizations, independent investment advisors, retirement plan sponsors, corporations, not-for-profit organizations, investment managers, hedge fund managers, and high-net-worth families.

Coinfirm is a blockchain technology company focused on compliance as a service. The company’s blockchain anti-money laundering (AML) and compliance platform uses proprietary algorithms and big data analytics to provide structured actionable data that increases efficiency, reduces costs and streamlines compliance to near automation. Coinfirm was also one of the first participants in SEI’s regulation technology incubator, Codify, which launched earlier this year.

Under the agreement, Coinfirm and the SEI Wealth Platform will work closely together to create a proposition that harnesses blockchain technology to significantly improve this historically costly and inefficient area of the market. The goal is to create a new asset transfer industry benchmark against which others competing in the space can be evaluated in terms of efficiency, costs, and security.

Both companies intend to embark on a pilot program with one of SEI’s existing UK clients before rolling out the offering to other clients and the wider market next year.

SEI Wealth Platform managing director Brett Williams stated that while there is a lot of talk across the industry about blockchain’s potential, this new initiative is a tangible example of how its power can be used to provide practical innovation to the industry. He said that this solution could potentially transform the asset transfer market in the U.K — significantly improving efficiency, service, and control, while simultaneously reducing costs and risk.

“The asset transfer market is widely regarded as one of the most expensive and error-prone parts of the asset management value chain, with much of it still involving a great deal of manual procedures,” said Williams. “The work we are doing with Coinfirm will help redefine asset transfers processing, with a view to setting a new standard by which all U.K. wealth and asset managers can evaluate their own systems and processes.”

“What Coinfirm and SEI are doing together through our blockchain solution is not only a legitimate, living example of how this technology is helping solve core problems, but also setting a new standard for the industry as a whole,” said Coinfirm co-founder and CEO Pawel Kuskowski. “SEI has really placed itself at the forefront with this initiative, and we are happy to add a company of this calibre to the growing list of financial players with which we work.”