SEI, an investment management and outsourced operations provider, is planning to shake up the “costly and inefficient” UK asset transfer market with blockchain technology.
The firm has formed a strategic partnership with London-based blockchain and regtech company, Coinfirm, to create a new “asset transfer industry benchmark” against which others competing in the space can be evaluated against costs and security.
The initiative is part of a global push by SEI to utilise blockchain and other leading-edge technologies for the benefit of the company’s clients, the firm said.
SEI and Coinfirm intend to embark on a pilot programme with UK client of SEI before rolling out the offering to other clients and the wider market in 2018.
Brett Williams, a managing director of SEI Wealth Platform, said:
“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.
“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.”
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