FinTech firm FNZ signed a deal with South African FinSwitch to provide a blockchain-enabled administration platform
FinTech firm FNZ, the global platform-as-a-service provider, has announced that the firm has signed a deal with South African FinSwitch, a “transaction switch” linking participants in the investment industry to provide a new blockchain-enabled administration utility for the South African fund management industry.
FinSwitch is a “transaction switch” designed by the industry, for the industry. It links market participants by providing a mechanism for data, such as trades, reconciliations and regulatory reporting, to flow between various product providers and investment managers. It has 140 existing customers, including all major fund providers and distributors in the region.
“FNZ was selected after a comprehensive and competitive tender process. We look forward to working with them to implement this solution, that will deliver significant value for our clients in the form of reduced cost, complexity and risk,” said Nick Baikoff, FinSwitch Managing Director.
FNZ’s ChainClear, a production blockchain ecosystem for the investment industry is expected to be available for use by FinSwitch clients later in 2020. The solution leverages blockchain technology to replace copies of transaction and holdings that fills the managed funds industry, with a secured, verifiable source of ‘the truth’, which is universally accessible by all parties. The solution minimises cost, complexity and risk in back-office operations.
Hugh Evans, Managing Director, South Africa, FNZ, said: “We are delighted that FinSwitch has chosen us to provide its blockchain technology solutions. Our mission as a business is to help people achieve their financial goals by reducing the costs associated with investment. FinSwitch’s breadth and deep client relationships make it the ideal partner for FNZ as we expand and develop our offering to the South African investment industry and lower the barriers for retail investors in a maturing market.”
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