Two mutual fund firms are among the six firms in the first round of testing a new, blockchain-based data platform.

American Century and Northern Trust both recently participated in what Swift executives are calling a successfully test of their new platform for helping asset managers track corporate action reports. The Swift team released a 15-page report earlier this mont. Our sister publication CeFiWire dug into the news last week.

Six asset managers participated in the platform test, according to the Swift folks. They revealed three of those asset managers: Northern Trust, American Century, and Citi.

Jonthan Ehrenfeld, securities strategy director at Swift, states that fund firms could receive up notifications (sometimes containing conflicting or even contradictory) from up to 100 sources on a single corporate event like a merger or dividend payment. Sorting through and cleareing up all that is where Swift's platform is meant to come in.

"Our experiments harnessed the power of blockchain technology to give all market participants a single, accurate view of a corporate action event," states Tom Zschach, chief innovation officer at Swift. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE