BNY Launches Blockchain Transfer Agency System for $8.6 Trillion in Fund Records
BNY launches a blockchain-based digital transfer agency to record fund transactions and ownership on-chain, adding a distributed ledger to its existing transfer agency business that services $8.6 trillion in assets. The new system will run alongside the firm's traditional record-keeping infrastructure.
Baillie Gifford will be the first client to use the platform for a regulated tokenized fund, with BlackRock and BNY’s Dreyfus unit expected as early adopters. The division currently manages approximately 7.6 million accounts. The rollout aims to modernize back-office efficiency and custody workflows for large asset managers.
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@wublockchainBNY, With Over $59 Trillion in Assets Under Custody and Administration, to Launch Blockchain-Based Digital Transfer Agency BNY, which has over $59 trillion in assets under custody and administration, plans to launch a digital transfer agen
@cointelegraph🔥 JUST IN: $8.6T BNY to adopt blockchain technology to process trades and maintain fund ownership records.
@techmemeBNY, the world's top bank for safeguarding assets, plans to use blockchain tech for its transfer agency record-keeping systems, which service $8.6T in assets (Financial Times) (Visit Techmeme dot com for the link and full context!)
@bpaynewsJUST IN: BNY Mellon to launch a digital transfer agency using blockchain for fund records and processing, with Baillie Gifford first to use it for a regulated tokenized fund. If this scales, it could shift back-office efficiency and custody