London, U.K. (PRWEB) September 21, 2017
Coinfirm and the SEI Wealth Platformˢᵐ will work closely together to create a proposition that harnesses blockchain digital ledger technology to significantly improve this historically costly and inefficient area of the market. The goal is to create a new asset transfer industry benchmark against which others competing in the space can be evaluated in terms of efficiency, costs, and security.
The initiative is part of a global push by SEI to utilise the full power and potential of blockchain and other leading-edge technologies for the benefit of the company’s clients around the world. Following an initial development period, SEI and Coinfirm intend to embark on a pilot programme with one of SEI’s existing U.K. clients before rolling out the offering to other clients and the wider market in 2018.
Brett Williams, Managing Director, SEI Wealth Platform, U.K. Private Banking, said:
“While there is a lot of talk across the industry about blockchain’s potential, this new initiative is a tangible example of how its power can be used to provide practical innovation to the industry. This solution could potentially transform the asset transfer market in the U.K -- significantly improving efficiency, service, and control, while simultaneously reducing costs and risk.”
“The asset transfer market is widely regarded as one of the most expensive and error-prone parts of the asset management value chain, with much of it still involving a great deal of manual procedures. The work we are doing with Coinfirm will help redefine asset transfers processing, with a view to setting a new standard by which all U.K. wealth and asset managers can evaluate their own systems and processes.”
Pawel Kuskowski, CEO and Co-Founder, Coinfirm, added:
“What Coinfirm and SEI are doing together through our blockchain solution is not only a legitimate, living example of how this technology is helping solve core problems, but also setting a new standard for the industry as a whole. SEI has really placed itself at the forefront with this initiative, and we are happy to add a company of this calibre to the growing list of financial players with which we work.”
Globally known for their blockchain Regtech solutions, Coinfirm has garnered partners and clients across blockchain and financial industries, ranging from major cryptocurrency players to large financial institutions. Coinfirm was also one of the first participants in SEI’s regulation technology incubator, Codify, which launched earlier this year.
About the SEI Wealth Platformˢᵐ
The SEI Wealth Platform (the Platform) is an outsourcing solution for wealth managers encompassing wealth processing services and wealth management programs, combined with business process expertise. With the Platform, SEI provides wealth management organisations with the infrastructure, operations, and administrative support necessary to capitalise on their strategic objectives in a constantly shifting market. The SEI Wealth Platform supports trading and transactions on 149 stock exchanges in 55 countries and 41 currencies, through the use of straight-through processing and a single operating infrastructure environment. For more information, visit: seic.com/wealthplatform.
(As of 30 June, 2017)
SEI (NASDAQ:SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisers, and ultra-high-net-worth families create and manage wealth. As of 30 June, 2017, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $809 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $307 billion in assets under management and $497 billion in client assets under administration. For more information, visit seic.com.
A recognized leader in their field and among the most influential blockchain and regtech companies, Coinfirm serves as a foundation for the safe adoption and use of blockchain. Coinfirm’s Blockchain AML & Compliance Platform uses proprietary algorithms and big data analysis to provide structured actionable data that increases efficiency, reduces costs and streamlines compliance to near automation. The blockchain agnostic platform benefits not only companies operating around blockchain but also major financial institutions, asset management and BI companies. In addition, Coinfirm develops dedicated blockchain solutions such as their data provenance platform Trudatum. Currently being piloted for adoption by multiple financial institutions, Trudatum is an easy to use and adopt blockchain solution to register and verify the ownership and authenticity of any type of document, file, or data.