Vanguard Australia has deployed Grow’s back office technology for fund administrators built on R3's Corda blockchain platform.
Grow says its DLTA platform provides Vanguard Australia with a single integrated back office solution for global assets. Tapping R3’s Corda blockchain technology, it provides a shared system of record for all fund and investor transactions and holdings.
The system is designed to replace time consuming and inefficient spreadsheet reconciliation processes. Traditionally, fund administration has been highly manual and disconnected, with every participant maintaining their own on-premise system of record and no modern API interfaces.
This results in a higher cost to serve customers, significant risk of manual error, reputational damage, security threats and vulnerability.
Grow claims that its technology has helped Vanguard Australia hit 100% STP for reconciliation of investor funds, saving approximately 100 back and middle office hours each week from all participants involved in the process.
The deployment is a win for blockchain in Australia, coming in the wake of the Australian Stock Exchange's disastrous Chess post-trade network project, which was abandoned last month at a cost of about A$250 million.