Coinfirm and SEI to work on blockchain pilot for asset transfer
SEI has entered into a partnership with London-based blockchain company Coinfirm to develop a system for asset transfer using blockchain. The goal of the partnership is to make asset transfer more efficient, with it currently representing, "one of the most expensive and error-prone parts of the asset management value chain", according to Brett Williams, managing director for SEI Wealth Platform. The two firms intend to begin the initiative with a pilot programme for one of SEI's existing clients. A full offering is expected next year.

London-based Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term regtech company Coinfirm has signed a strategic partnership with SEI (NASDAQ:SEIC), which manages, advises and administers $809 billion in hedge, private equity and mutual funds, and pooled and separately managed assets.

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The companies say that their initiative is aimed at providing a solution that will significantly reshape the UK’s asset transfer market, and create a new digital industry standard.

Brett Williams, Managing Director, SEI Wealth Platform, UK 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, co-founder and CEO, 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.”

SEI and Coinfirm intend to embark on a pilot programme with one of SEI’s existing UK clients before rolling out the offering to other clients and the wider market in 2018.