Credit Suisse brands blockchain a ‘game changer’ after successful test

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Credit Suisse’s asset management group and Banco Test, a Portugal based bank, have used blockchain technology to process an end-to-end fund transaction and remarked that “considerable benefits” would come from using blockchain technology. Pascal Nägeli, Chief digital officer for Credit Suisse, notes blockchain technology as “a great lever to increase efficiency” and how the pilot proves the advantages of distributed ledger technology for clients and asset managers alike. Added Claude Metz, head of shareholder services in Luxembourg for Credit Suisse, “Blockchain technology in connection with potential mutualized KYC (know your client) servicing will be a game changer for the investment funds business.”

The test has shown that cross-border distribution over blockchain was “more efficient, scalable and timely in processing.” While they have not confirmed that they will use the technology more widely yet, HSBC has also signaled that they will be looking at using blockchain in its operations.

“Blockchain technology in connection with potential mutualized KYC (know your client) servicing will be a game changer for the investment funds business”

It is interesting to note that blockchain technology was used in all steps of the transaction, using a dedicated app and API integration.

“This proof of concept is a great achievement and reinforces Banco Best’s commitment to be ahead of the curve,” said, Banco Best’s director of investments, Carlos Almeida. He continued, “We want to be involved in blockchain technology to work together with all stakeholders in order to adapt and seize new opportunities in our business model, with the ambition to improve the customer experience and to promote financial inclusion.”

Credit Suisse is helping to set the bar for the finance industry, as it was also the first to complete a live transaction of $30m in securities on blockchain consortium R3’s Corda Blockchain platform in conjunction with Dutch-based ING financial service. With the signals that we are receiving from the finance industry, they are ready to start adopting blockchain on a more regular basis. This will also mean government regulation and acceptance. Using blockchain in this manner, all parties will have the opportunity to create a more efficient means of completing transactions.

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