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BNY Mellon Unveils Blockchain-Powered Transfer Agency Platform

Guavy AI Editorial Team
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BNY Mellon has taken a significant step towards modernizing fund recordkeeping by launching a blockchain-powered transfer agency platform.

The platform, which will manage assets worth over $8.6 trillion for 7.6 million clients, is designed to bring together isolated databases into one ledger system, reducing the need for frequent reconciliation between fund managers and custodians.

According to Carolyn Weinberg, BNY's Chief Product and Innovation Officer, digitizing book and record information using blockchain technology will improve efficiency and transparency in transactions.

The platform is expected to be used by institutional clients such as Baillie Gifford, which plans to launch the first-ever native and UK-regulated tokenized fund on the platform.

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