BNY to bring transfer agency records onchain in blockchain push
BNY is launching a blockchain-based transfer agency platform as the bank expands its digital asset infrastructure and moves core financial records onchain.
BNY, one of the world’s largest custodian banks, is taking a major step toward blockchain-based financial infrastructure by moving fund ownership records onchain.
The New York-based institution will launch a blockchain-based version of its transfer agency business, which manages fund ownership records and investor transactions, the Financial Times reported Wednesday.
“We think of BNY as modernizing a function that sits behind every single fund transaction by bringing the books and records on-chain,” Carolyn Weinberg, BNY’s chief product and innovation officer, reportedly said.