Allfunds advances the Launch of new Blockchain Solutions for the Financial Industry
The WealthTech Allfunds has announced that it has developed a new payment model to provide more efficient settlement processes in the investment fund industry.
Allfunds Blockchain has created a technology that provides a unique environment of security, privacy, and data governance among financial institutions, Allfunds said in a press release.
The firm collaborates with Iberpay to test the initiation of immediate transfers from the Allfunds network and its Business Smart Contracts solution.
Allfunds, a world-class independent leader in wealth technology, is developing through its new company “Allfunds Blockchain” a new payment model to provide more efficient settlement processes in the investment fund industry.
Allfunds Blockchain will begin deploying solutions in the financial industry, while working with Iberpay on its test concept for the Smart Payments initiative.
In July 2019, the main Spanish banks successfully completed the sector test concept, coordinated and managed by Iberpay, which aims to connect, in a controlled test environment, the national payment system (SNCE) with the i-network, an interbank blockchain network that could enable the intelligent programming of immediate transfers from smart contracts, thus allowing the automatic execution of payments.
As an evolution of the initiative, Iberpay and Allfunds are working together on a second initiative that would allow testing the connection of the i-network with other blockchain networks in the sector, in this case with Allfunds' own blockchain network and its Business Smart Contracts solution for the financial ecosystem.
In this way, a technical connection between the two blockchain networks could be enabled which would allow, if desired, immediate transfers from the Allfunds network to be carried out automatically.
Alberto Hernández, CTO, Blockchain, Allfunds, said: “considering the maturity that business solutions are acquiring around blockchain technology, it is crucial to collaborate between solutions to generate opportunities that will bring us closer to the scenario of interoperability of blockchain networks of different scopes.”
Thanks to the technology of Allfunds Blockchain, a unique environment of security, privacy and data governance is generated among financial institutions that enables new capabilities of programming and automating processes through smart contracts. This intelligent programming will generate advantages in the immediacy of the settlement processes between entities, traceability and control between operational and payment processes and cost savings.
Rubén Nieto, Managing Director, Blockchain, Allfunds, said: “the adoption that we will see in the coming years of solutions created through blockchain technology will be a clear sign that the technology is here to stay. We highly value the collaboration with Iberpay and the strategic vision it shows within the financial industry and the importance of innovation, which enables us to create new solutions for our clients.”
Furthermore, the WealthTech continues with its plan to announce strategic agreements with several of the main fund managers, distributors, and players in the market around its new company Allfunds Blockchain.