Allfunds, a Spain-based independent wealthtech and fund distribution platform, announced on Tuesday it is developing through its new company “Allfunds Blockchain” a new payment model to provide more efficient settlement processes in the investment fund industry.
As previously reported, Allfunds claims to be one of the world’s leading wealthtechs and fund distribution companies with a service offering that includes data & analytics, portfolio & reporting tools, research, and regulatory services.
“Allfunds has more than €620 billion assets under administration and offers more than 90,000 funds from over 1,700 fund houses.”
Allfunds revealed that Allfunds Blockchain will begin deploying solutions in the financial industry while working with Iberpay on its test concept for the Smart Payments initiative.
“Last July, the main Spanish banks successfully completed the sector test concept, coordinated and managed by Iberpay, which aims to connect, in a controlled test environment, the national payment system (SNCE) with the i-network, an interbank blockchain network that could enable the intelligent programming of immediate transfers from smart contracts, thus allowing the automatic execution of payments.”
While sharing more details about Allfunds Blockchain, Allfunds Blockchain’s CTO and Leader of the Project, Alberto Hernández, stated:
“Considering the maturity that business solutions are acquiring around blockchain technology, it is crucial to collaborate between solutions to generate opportunities that will bring us closer to the scenario of interoperability of blockchain networks of different scopes.”
Allfunds Group has a local presence in Luxembourg, Switzerland, United Kingdom, Spain, Italy, United Arab Emirates, Singapore, Chile, Colombi, Brazil, Stockholm, Hong Kong and Paris and has over 700 institutional clients, including major commercial banks, private banks, insurance companies, fund managers, international brokers, and specialist firms from 51 different countries.