Over 60% of UK Wealth Managers, Including Deutsche & Fidelity, Opt for Blockchain Reporting Tool
A blockchain based investment fund management system is seeing mainstream adoption in a big manner. Specifically, the tool, named TISA Universal Reporting Network (TURN) is now being used by 60% of the UK asset management sector.
All funds, FNZ, Deutsche Bank, Calastone, Fidelity International, MFEX, KNEIP, Fund Connect, Transact Deutsche Wealth Services and Link Group are the key adopters.
TURN’s foremost app is reporting software that facilitates more dependable info to be distributed with clients about the expenses related to any investment or mutual funds they have purchased. It facilitates real-time disbursement of info, with consistency.
Earlier discrepancy in provision of data has made it difficult for the fund distributors to reveal expenditures in a precise manner. The implementation of Europe’s MiFID Template (EMT) paves way for better standardization.
Gary Bond, CEO of TURN, said “I am glad to announce that TURN is now live. This is an industry-led and run, not-for-profit initiative that will ultimately ensure that consumers are offered the best and most suitable products while lowering costs and time spent on admin for asset managers. The impact TURN will have for asset managers, distributors, IT firms and other platforms across Europe is huge. Finally, the technology is catching up with the needs of the investors and their asset managers.”
The platform was developed by The Investing and Saving Alliance (TISA), a UK based association of financial services having over 200 member companies. The association is also studying digital identity. The consultancy firm Atos has collaborated with TISA to create the platform.