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BNY Launches Blockchain Transfer Agency Platform
The bank said a single blockchain ledger could cut reconciliation work and support planned tokenized funds from BlackRock, Dreyfus and Baillie Gifford.
- On Thursday, BNY announced it is moving its core transfer agency record-keeping business onto blockchain as Wall Street builds infrastructure for tokenized funds.
- Traditionally, ownership information is stored across multiple, disconnected systems used by market participants, requiring frequent reconciliation; moving records onchain creates a single shared source of truth.
- BNY, which oversees more than $59 trillion in assets, will maintain traditional operations alongside the new platform, with Edinburgh-based Baillie Gifford planning to use it for the first "fully native" United Kingdom-regulated tokenized fund.
- Emily Portney, BNY's global head of asset servicing, said "trillions and trillions of dollars' worth of funds" will continue to exist on traditional rails, confirming the bank's dual-platform approach.
- Carolyn Weinberg, chief product and innovation officer at the 242-year-old financial services giant, said the initiative aims at "modernizing a function that sits behind every single fund transaction," aligning with broader institutional adoption of tokenized money-market funds.
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BNY Launches Global Digital Transfer Agency Capabilities, Extending Leadership in Fund Servicing to Digital Market
/PRNewswire/ -- BNY (NYSE: BNY), a global financial services company, today announced the launch of its new Digital Transfer Agency (TA) capabilities, meeting...
·Chicago, United States
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Total News Sources14
Leaning Left0Leaning Right1Center3Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
C 75%
R 25%
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