Source: BC Gateways
Today, financial services has a revolutionary new way to publish and distribute data that will underpin the rapidly increasing industry need for accurate, timely and auditable data delivered in a cost-effective way.
BC Gateways’ blockchain-enabled data platform is a Shared Source of Truth utility designed to enable the evolutionary change the industry needs in the face of current headwinds.
The Gateway is Australia’s first whole of financial services industry blockchain infrastructure specifically designed to allow the enormous volumes of structured and unstructured data to be securely shared between participants on a permissioned basis. This is different from most other blockchain infrastructure initiatives that tend to focus on financial transactions.
The Gateway’s arrival was celebrated with a launch event held in Sydney on 9 April, attended by fund managers, custodian banks, administrators and technology providers, many of whom participated in the journey during the preceding pilots in 2018. The broad range of attendees that came out to support the launch reflects the industry consensus for its core purpose: connecting financial institutions to build a single global community of trust, that innovates data distribution through collaboration.
At the launch event, BC Gateways acknowledged its Foundation Partners for their commitment to realising the industry wide benefits of harmonised data The Gateway brings to the disaggregated wealth industry. Each has signed up to work collectively on prioritising new initiatives and service selections to meet the industry need as The Gateway evolves.
The Foundation Partners are; Aberdeen Standard Investments, Castle Hall, Equity Trustees, Fidelity International, Fundhost, GSFM, IRESS, Milestone, Pengana Capital, Platinum Asset Management and Schroder Investment Management Australia Limited.
“The support we’ve received from the Foundation Partners and other key financial services industry participants demonstrates the value the industry places on the solution we have brought to this age-old problem. It gives us confidence that the industry is ready to embrace new solutions that yield efficiencies and offer the basis for real change in the way it does business,” Founder Andy Hutchings Broso said. “There are rare moments in time when innovative technology meets the right use case at the right time. We believe BC Gateways is perfectly positioned to help the industry realise the full potential of this opportunity and with it, build the primary global utility for data and document distribution across markets.”
According to research conducted by BC Gateways among financial institutions, data distribution remains fraught with inefficiencies exposing companies and customers to financial, regulatory and commercial risk. 53% of data for underlying funds still comes through via email, 77% of respondents indicated that unlisted unit data cannot be sourced from a single provider, 70% claimed the data was not always completely accurate, with 64% stating that data received often fails to meet time requirements.
In response to these findings, Managing Director Gordon Little said, “Now more than ever before, the industry is actively working towards solving issues around data distribution to reduce risk and build processes that really improve consumer outcomes. By embracing The Gateway, the Australian industry has the opportunity to leapfrog other countries and position itself as a leader in the smart use of innovative technologies.”
Contributed | what does this mean?