FNZ is utilizing Blockchain technology for Settlement solutions and fund trading. Agreement made last year exposed the next planned step of the FNZ, which was to bring this new solution known as ChainClear. With this solution, it is about to support the whole South African fund management business and contour fund operations across African settlement and reconciliation activities.
Ledger Insights released a report in which they stated that in South Africa, FNZ is bringing the blockchain-based solution for the country’s funding sector. FNZ is a global firm that is well known for its services to promulgate economic status by aiding people in achieving financial goals, lowering costs, and advancing client management. FNZ has now launched the ChainClear, which is going to be unique in its kind as it is a blockchain for settlement solutions and fund trading.
Sources associated with the matter revealed that ChainClear can offer one truth source relating the possession to align among the participants, as well as 140 monetary establishments.
DLT or in other words known as distributed ledge technology is being used these days to reduce the necessity of transfer agents and asset managers to cope with the records of fund ownerships with reconciliation.
Nick Backoff, the managing director of FinSwitch, stated that this blockchain is going to entertain the clients with the opportunities to reconstruct the networking topology of accumulative investment scheme in a systematic way which will generate efficiency of the cost reduction of the skate holders, assuring that expenses will be reduced in a significant way with the passage of the time, resulting in the ease of investors managing their affordability.
Also, it is important to note that the real-time blockchain-powered process which will ultimately replace traditional cluster processing solution. While on the other hand, it acknowledged that this platform has already processed thousands of trades and transactions weekly basis. Currently, the legacy system is still functioning in parallel to the ChainClear.
The company’s managing director, Hugh Evans, is of the view that this step is being taken would prove fruitful for Africa’s market to the leading educated funding service around the world.
Moreover, it is a need of the hour to mark that ChainClear solution is utilizing Hyperledger Fabric company blockchain network for its proper and efficient functioning.