Allfunds Blockchain, the arm of Allfunds (AMS:ALLFG) specialized in blockchain technology, launches FAST in Italy, a solution “built on blockchain technology aimed at increasing the speed and efficiency of mutual funds transfers, which was already successfully launched in Spain.”
FAST represents a “novelty” for the Italian fund industry. The project has been “modulated for the unique characteristics of the Italian market and the specific needs of local investors, gathered during a Business Lab – led by Allfunds Blockchain – which included the participation of 18 leading players for the Italian market, such as asset managers, intermediaries and distributors.”
Participants discussed their experiences with end investors and “how a solution such as FAST could help solve critical issues impacting the value chain of investment fund transfers.” The most critical common need and main pain point for end-customers “was to significantly reduce the time it takes to transfer fund units from one intermediary to another.”
FAST will “offer a common infrastructure for all parties involved and based on data sharing through blockchain technology that will greatly enhance the end-investor experience.”
In particular, funds transfer processes “will be more efficient in terms of cost and execution time.” In addition, it will “make transactions more transparent, ensuring real-time traceability and reduce substantially operational errors.”
Among the Business Lab participants whose collaboration “has been instrumental to set up the FAST project were household names such as: Allfunds, Azimut, Banca Generali, Banca Mediolanum, Bnl – Bnp Paribas, BNP Paribas Asset Management, BNP Paribas Securities Services, BPER Banca, CheBanca! S.p.A., Fidelity International, Fideuram – ISPB, Franklin Templeton, M&G Investments, Morgan Stanley Investment Management, Pictet Asset Management, Schroders.’
Rubén Nieto, Managing Director at Allfunds Blockchain said:
“Blockchain technology is particularly relevant as a solution for complex information exchange processes due to its productivity benefits for both entities and end investors. Seeing leading names in the Italian fund industry collaborate around this Allfunds Blockchain initiative is proof of the sector’s commitment to its own digital transformation, the comprehensive improvement of its operations and the entire investment experience. We at Allfunds Blockchain are proud to be part of these efforts and support the market in preparing for an evolution of its services, something we expect to happen very soon at global scale.”
Allfunds (AMS:ALLFG) is “one of the leading B2B WealthTech platforms for the funds industry, offering fully integrated solutions for both Fund Houses and Distributors.”
Allfunds, founded in 2000, has “built and continues to evolve an ecosystem that covers the entire fund distribution value chain and investment cycle.” It remains “the sole fully integrated one-stop-shop in the industry.”
As of 31.03.2022 its assets under administration “were of nearly €1.4 trillion.”
Allfunds Blockchain is “a standalone company within the Allfunds Group.”
Allfunds Blockchain develops “a revolutionary technology with features that have not been available on the market to date, which generate a unique environment of security, privacy and data governance among financial institutions and enables new capabilities for programming and automating processes through smart contracts.”