A new blockchain-based reporting platform set to launch later this year has vowed to cut 80-90% of asset managers' regulatory reporting costs once it goes live later this year.
The Tisa Universal Reporting Network (Turn) is powered by Atos and is designed to lessen the reporting burden of European regulations such as MiFID II.
Its bold vow comes at a time when investment firms are struggling to meet their compliance requirements amid the disruption of the Covid 19 pandemic and its impact on global markets.
The platform aims to improve the transparency of fund information, making it easier to compare different investment products.
Once live, the utlility will be accesible to roughly 60% of the European market thanks to the involvement of a number of fund distrubution banks and platforms incouding Allfunds, Calastone, Deutsche Bank, Fidelity International, Link Group, MFex, and
Transact.
Gary Bond, chief executive of Turn, said: “This is an industry-led and run, not-for-profit initiative that will ultimately ensure that consumers are offered the best and most suitable products while lowering costs and time spent on admin for asset managers.”