Australian financial instos show support for blockchain

blockchain/iress/Aberdeen/

26 February 2019
| By Anastasia Santoreneos |
image
image
expand image

The Australian financial services industry may have seen a shift in sentiment towards blockchain, with major financial institutions supporting BC Gateways’ new blockchain platform, The Gateway.

The platform, which is designed for the global industry to publish and distribute any type of structured data, conducted a pilot in Sydney late last year focused purely on distributing pricing data in the Australian wealth management industry, with IRESS, Aberdeen Standard Investments, Perpetual and Equity Trustees among the participants.

IRESS chief executive, Andrew Walsh, said it was keen to change the way financial data was delivered, and the multiple connectivity options to the BC Gateway would allow them and other participants to quickly implement solutions with minimal changes.

“Through the use of the blockchain, we’re able to significantly improve the timeliness and quality of unit pricing and other fund data which over time we expect to reduce costs and increase efficiency,” he said.

Corporate Trustee Services’ head of global fund services, executive general manager, Harvey Kalman, said The Gateway was a significant breakthrough and looked forward to working with the industry to maximise the benefits.

The platform’s managing director, Gordon Little, said it was encouraging to see the industry’s appetite to work with an operational blockchain product, and, having progressed development to support tax and regulatory reporting, looked forward to launching the service.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS