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Screenshot of a breaking news alert e-mail from Q2 2017
IZNES, the pan-European platform for funds powered by SETL’s blockchain technology, announced that it has now started to process live transactions.
OFI Asset Management has successfully used the IZNES system in a series of trials with selected clients. Following the development and integration of the IZNES platform with OFI Asset Management. Other asset managers in the IZNES initiative include Groupama AM, La Financière de l’Échiquier, and Arkéa Investment Services and more firms are continuing to join.
The IZNES solution enables investors and distributors to easily subscribe and redeem fund units via a direct connection with the asset management company, thereby removing the need for the transfer agent, which in turn reduces transaction costs. SETL’s highly efficient and secure blockchain technology also increases transparency, optimises operational workflow and will in time enable the development of new value-added services.
This production phase demonstrates IZNES’ interoperability with the existing fund distribution ecosystem; the units currently used for the transactions already existed, and have not been created specifically for blockchain. Going forward, the IZNES platform will seamlessly support the creation, issue, transfer and redemption of new units designed specifically for blockchain use.
Pierre Davoust, CEO SETL France noted:
The flexibility of IZNES allows it to be deployed with minimal impact on other business processes and logic. This enables investors, distributors and asset managers to operate their usual internal tools to process their orders on the SETL blockchain.
Peter Randall, CEO of SETL Development Ltd, stated:
This is an important step in bringing 21st Century technology to the asset management sector, including reduced costs, better transparency and workflow. When this project is fully operational it will be the largest single instance, by value, of a permissioned blockchain in the world.