Universal-Investment Building Amazon-Style Offering For Funds
The Frankfurt-based firm still has to get regulatory approval for the blockchain project, but aims to start beta testing next year.
Frankfurt-based fund administrator Universal-Investment says it is working on building a solution that will allow clients to purchase funds as conveniently as readers buy books on Amazon.
Right now, the process of buying a fund is slow, says Daniel Andemeskel, head of innovation management at Universal-Investment: different intermediaries such as banks, transfer agents and custodians are involved; their processes are still manual and paper-based; and settlement cycles can take up to two days.
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