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Allfunds Blockchain Expands FAST Solution to Optimize Equity Operations in Spain

Allfunds Blockchain Expands FAST Solution to Streamline Stock Transfers in Spain

Allfunds Blockchain, a division of Allfunds (AMS:ALLFG) focused on blockchain technology and its application to the development of solutions for the fund industry, has expanded the capabilities of its FAST solution to digitize the process of switching mutual fund portfolios between financial providers.

FAST was launched in 2021 with the aim of improving the experience for end investors and financial institutions when making tax-free transfers in Spain. The new FAST enhancements mean that end investors will benefit from safer and more efficient channels for executing mutual fund share transfers between financial providers by becoming a fully digital process using existing Allfunds blockchain technology.

The enhanced FAST product aims to set a new industry standard for handling stock transfer operations. Additional benefits of the new FAST version include:

  • Improving cost efficiency and improving risk management;
  • Complete digitalization of inventory movement, which means a significant reduction in the duration of the existing process from 3 weeks (on average) to less than a week;
  • Improved traceability, allowing all participants in the ecosystem to track the status of their transactions in real time.

Allfunds is partnering with a working group of industry leaders to improve FAST. The group’s collective knowledge of the financial services industry and understanding of past obstacles to the share transfer process has ensured a solution that benefits the entire value chain, from platforms and custodians, distributors and asset managers to the end investor.

The working group includes Allfunds Bank, BBVA, BNP Paribas, CACEIS, Cecabank, Crèdit Andorrà, Diaphanum, Fidelity, ING, M&G, Magallanes, Morgan Stanley, Renta 4, Schroders, Santander, Tressis and Varianza.

Ruben Nieto, Managing Director of Allfunds Blockchain, said: “We are proud to lead this working group of industry leaders with so much experience and reputation, and we are grateful for their efforts and creativity throughout the evolution process. The FAST improvements mean we continue to demonstrate the leadership we play in providing innovative solutions to the fund industry and the continued effectiveness of our WealthTech DNA in driving industry transformation.”

Juan Alcaraz, CEO of Allfundscontinuation: “Allfunds is committed to expanding its product offering to meet the changing needs of the wealth and asset management industry in a highly dynamic macro environment. Our new FAST solution is a direct reflection of this commitment and the value we place on ongoing engagement with customers, industry stakeholders and our peers to ensure our suite of products meets the needs of companies wherever they operate.”

The solution will be operational and available by mid-2023, and customers integrating FAST into their operations will be required to comply with standard market rules and practices. As a result, participating organizations will actively participate in the management of the solution, ensuring that it is further developed and improved to meet the changing needs of the industry.

Written by khirou

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