SEI, which provides an outsourcing platform for wealth managers, has teamed up with regtech company Coinfirm to develop a digital blockchain ledger which it hopes will change the UK asset transfer market for good.
It claimed the current system for transfers was “the most expensive” areas of asset management and has pledged to set a new benchmark for industry transfers.
Brett Williams, managing director for UK private banking and the SEI Wealth Platform, said: “This solution could potentially transform the asset transfer market in the UK, significantly improving efficiency, service, and control, while simultaneously reducing costs and risk.”
“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.
“The work we are doing with Coinfirm will help redefine asset transfers processing, with a view to setting a new standard by which all UK wealth and asset managers can evaluate their own systems and processes.”
Rolling out blockchain
A pilot scheme of the new programme will begin with one of SEI’s existing UK clients before it is rolled out to the wider market in 2018.
Pawel Kuskowski, CEO and co-founder of Coinfirm, added: “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.
“SEI has really placed itself at the forefront with this initiative, and we are happy to add a company of this calibre to the growing list of financial players with which we work.”
