UK Funds Facilitator to Roll Out Blockchain Settlements in 2019

Calastone, a London-based transaction network for investment funds, is looking to move its entire settlements system to a blockchain by May 2019.

According to a Financial Times report on Sunday, Calastone, which provides services to over 1,700 firms including JP Morgan Asset Management, estimates the plan could help the industry save up to £3.4 billion (or $4.3 billion) in fund distribution costs, excluding the U.S. market.

Currently, Calastone’s processes for settling funds are still manual, including over 9 million messages and transactions worth about $217 billion a month between buyers, sellers and distributors, according to the firm’s website. It now eyes blockchain as a way to automate these processes in order to make them cheaper and more efficient since parities involved will no longer need to submit the same information repetitively.

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