SETL has teamed up with four asset management firms to launch IZNES, a pan-European fund record-keeping platform based on blockchain technology.
The platform provides investors, asset management firms, distributors and wealth management advisers with easy and rapid access to fund units. The platform enables firms to enter into new relationships with investors, manage KYC processes, handle subscription/redemption instructions, and settle transactions and record positions.
Compatible with all distribution channels, IZNES reduces transaction costs, increases transparency, and optimises operational workflow. It will also enable new value-added services to be developed. IZNES relies on proprietary technology developed by SETL. To ensure the best possible service, the functional specifications were defined in line with user input and contributions.
The initial version was delivered by SETL in July 2017 and validated by OFI AM, Groupama AM, La Financière de l’Échiquier, and Arkéa Investment Services. Together, SETL and its partners are now working with other interested parties to develop an enriched version of the platform, with the intention of going into production in early 2018.
According to Jean-Pierre Grimaud, CEO of OFI AM: “OFI Asset Management wanted to be actively involved in this market project, which offers asset management firms new distribution solutions in the interest of investors thanks to blockchain technology.”
Pierre Davoust (pictured), CEO of SETL France, adds: “IZNES is the result of the alignment between the strong demand from asset management firms to establish a simple, effective relationship with their investors and the cutting-edge technology developed by SETL. IZNES is a project that will revolutionise the fund industry in Europe and bring substantial benefits to asset management firms as well as investors and their intermediaries. I look forward to working with our partners to build this next-generation platform and invite all interested parties to join us at www.iznes.io”.