Allfunds Blockchain launches “FAST”, a new solution for fund transfers in Spain
- Allfunds Blockchain, the arm of Allfunds specialising in the creation of digital solutions through blockchain technology, launches FAST to deliver efficiencies in investment fund transfers in Spain
- FAST is the product of Allfunds’ collaboration with several leading Spanish financial institutions: Bankinter, BBVA, BNP Paribas Securities Services, CaixaBank, Cartesio, Cecabank, Diaphanum, ING, Mutuactivos, Renta4, Sabadell and Santander. These entities have participated in a working group led by Allfunds Blockchain to jointly review the opportunities and benefits that FAST will bring to the world of mutual fund transfers in Spain
With the launch of FAST, Allfunds Blockchain brings to the Spanish market an enhanced solution for managing fund transfers, delivering clear benefits to the end investor as well as financial institutions. The institutions participating in the working group have been able to discuss and see first-hand how the technology provided by Allfunds Blockchain can drive the evolution and improvement of these processes, which have been in place since 2003, for the entire Spanish industry.
Alongside Allfunds Blockchain, these entities have contributed their industry knowledge and deep experience with end-investors to create FAST. These companies will continue to be part of the working group, aiming to assess the best strategy for integrating FAST into their own systems. Further, a select number have already confirmed they will be joining the new platform as early adopters of the solution.
Rubén Nieto, Managing Director at Allfunds Blockchain, said: “We thank the participating entities for their collaboration in the constant search for solutions that aim to improve services to the end investor. Allfunds Blockchain’s technology will transform and improve the experiences of end investors across Spain’s financial services system; we will be offering the solution to any Spanish company that wants to deliver the same benefits to its clients, making the development of FAST a true success for the entire industry.”
The participants concluded that the main outcomes of the launch of FAST are:
- a reduction in the time required to carry out transfers
- a reduction in the number of rejections and operational errors
- an enhanced digital environment (real-time operational management of the status of transfers)
- improved data intelligence traceability, including monitoring and auditing
Allfunds Blockchain will now roll out the FAST solution to any institution involved in fund transfers in Spain. As such, fund selectors, fund managers and depositaries will be able to utilize FAST, boost activity across Spain’s investment fund industry at a sector level and generate value through new tools embedded in next generation technology.
Rubén Nieto added:
“Allfunds Blockchain’s strategy since its launch has been to transform the investment management industry, both nationally and internationally. FAST is a clear example of our efforts, and from which the entire distribution chain will benefit. We are already working on exporting FAST to other regions and developing our offering within Spain to other use cases identified alongside the institutions we have worked with."
Allfunds Blockchain is part of the Allfunds group, one of the world’s leading wealthtech and fund distribution companies with a market capitalization of over €9.1.bn following its recent IPO. The company has a revolutionary blockchain technology which generates a unique environment of security, privacy and data governance between financial institutions that enables new capabilities to program and automate processes through smart contracts.
About Allfunds and Allfunds Blockchain: Allfunds has evolved into one of the world’s leading wealthtech and fund distribution companies with a service offering which includes data & analytics, trading & execution services, portfolio & reporting tools, research, regulatory solutions and blockchain technology. Allfunds has €1.2 trillion in AuA and services 2,000 fund houses and 2,300 distributors from 16 local offices.
In 2020, Allfunds launched a separate entity Allfunds Blockchain to bring to the market the most revolutionary blockchain technology. After years of exploring different existing blockchain technologies, Allfunds proprietary blockchain platform adds unique capabilities over the Ethereum Network for real enterprise solutions.
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