Funds distribution platform Allfunds has announced plans to launch its blockchain-based fund transfer service in Italy.
The FAST service is run by the company’s Allfunds Blockchain arm and is already active in Spain.
It provides a common infrastructure for parties based on data sharing through blockchain technology – something that Allfunds believes will be especially relevant for the funds transfer process.
According to Allfunds, the slow pace of fund transfers was the most critical common need identified by its market research and local client focus groups.
“Blockchain technology is particularly relevant as a solution for complex information exchange processes due to its productivity benefits for both entities and end investors,” said Ruben Nieto, managing director of Allfunds Blockchain.