Bank of New York Mellon will roll out a digital transfer agency service that moves fund transaction processing and shareholder records onto blockchain infrastructure while keeping its traditional transfer agency system in place. The bank, which oversees more than $59 trillion in assets under custody and administration, said its transfer agency business currently supports about $8.6 trillion in assets and 7.6 million accounts. Baillie Gifford will be the first to use the setup for what was described as the UK’s first fully native regulated tokenized fund. BlackRock and BNY-owned Dreyfus are also expected to adopt the system in upcoming funds, according to the report cited by BlockBeats.
BNY, which oversees more than $59 trillion in assets under custody and administration, is set to launch a digital transfer agency service that moves fund transaction processing and shareholder records onto blockchain while retaining its traditional transfer agency system, according to BlockBeats on July 29.
BNY said its transfer agency business currently serves about $8.6 trillion in assets and 7.6 million accounts. Baillie Gifford will be the first to use the system for what was described as the UK’s first fully native regulated tokenized fund. BlackRock and BNY-owned Dreyfus are also expected to use it in upcoming funds.
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