IZNES, the pan-European record-keeping platform for funds powered by SETL’s blockchain technology, announced it has started to process live transactions after a successful attempt with OFI Asset Management and selected clients.
IZNES succeeds with the blockchain transaction
Having succeeded with the blockchain-based transaction, a number of asset managers are joining the IZNES inititative and integrating with its platform, including Groupama AM, La Financière de l’Échiquier, and Arkéa Investment Services.
Pierre Davoust, Chief Executive Officer at SETL France noted:
The flexibility of IZNES allows it to be deployed with minimal impact on other business processes and logic. This enables investors, distributors and asset managers to operate their usual internal tools to process their orders on the SETL blockchain.
The units currently used for the transactions already existed and have not been created specifically for blockchain. Going forward, the IZNES platform will seamlessly support the creation, issue, transfer and redemption of new units designed specifically for blockchain use.
Peter Randall, Chief Executive Officer of SETL Development Ltd, commented:
This is an important step in bringing 21st Century technology to the asset management sector, including reduced costs, better transparency and workflow. When this project is fully operational it will be the largest single instance, by value, of a permissioned blockchain in the world.
New value-added services
With IZNES, investors and distributors can easily subscribe and redeem fund units via a direct connection with the asset management company. By removing the need for the transfer agent, companies are able to reduce transaction costs. Moreover, its efficient and secure blockchain technology increases transparency, optimises operational workflow and will eventually enable the development of new value-added services.