Adviser platform SEI is to partner with a blockchain company to develop a technology that could allow advisers to get client assets onto the platform faster.
SEI has announced what it calls “a strategic partnership” with London-based blockchain company Coinfirm to develop a product that allows for faster asset transfers.
The technology is primarily being developed for use in the investment banking and wealth management industries, but this partnership means SEI could benefit from the technology.
Blockchain is a technology that enables blocks of information to be transferred speedily between users electronically.
A permanent record of the information is created, allowing for a level of security as the data is transferred.
Brett Williams, Managing Director, SEI Wealth Platform, U.K. Private Banking, said: “While there is a lot of talk across the industry about blockchain’s potential, this new initiative is a tangible example of how its power can be used to provide practical innovation to the industry.
"This solution could potentially transform the asset transfer market in the UK, significantly improving efficiency, service, and control, while simultaneously reducing costs and risk.”
He said asset transfer is one of the most error prone and expensive parts of the asset management process, with a large amount of manual labour still required.
David.Thorpe@ft.com
Read FTAdviser's Guide to Blockchain to achieve 30 mins of CPD.
