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SEI to implement blockchain for asset transfers

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SEI to implement blockchain for asset transfers

SEI has teamed up with London-based regtech company Coinfirm to build a blockchain to reshape its asset transfer system.

Coinfirm and the SEI Wealth Platform will work closely to create a proposition using the digital ledger technology to improve what the firm describes as a ‘costly and inefficient area of the market’.

‘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,’ said Brett Williams, managing director of UK private banking, SEI Wealth Platform.

He added: ‘The asset transfer market is a great place to start. Blockchain has been talked about as an abstract thing for some time. But this is a tangible and real-world example of putting this technology to work.’  

SEI has already embarked on a pilot programme with one of its existing UK clients and plans to roll out the offering to other clients and the wider market in 2018.

SEI head of operations Steve Waldron, pointed out this technology will be an opportunity to reduce the headcount in different asset management teams, where it is large to support manual processes that can be automated.

Waldron also noted: ‘This is really about how we get our clients' assets onto our platform, so the quicker they get them on there, the quicker they can trade these assets.’

Pawel Kuskowski, CEO and co-founder, Coinfirm, stated: ‘What Coinfirm and SEI are doing together through our blockchain solution is not only a legitimate, living example of how this technology is helping solve core problems, but also setting a new standard for the industry as a whole.’

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