FundsDLT was developed by a three-way collaboration between Fundsquare, InTech and KPMG Luxembourg.
According to BNP Securities Services, the test demonstrated that Fund Link is able to connect with other blockchains, marking a “key milestone for fund distribution”.
The transaction included each part of the fund trade process, from delivery of the order to the processing of the trade.
Fabrice Silberzan, COO of BNP Paribas asset management, said: “We have a unique opportunity to continue shaping the future of the asset management industry using digital technology, and transform the fund distribution process. While investors will benefit from reduced transaction time, we will also profit from a sleeker, more streamlined system underpinned by technology and relevant for all fund types and geographies.”
Olivier Portenseigne at Fundsquare, added: “We are delighted to see BNP Paribas Asset Management come on board as a frontrunner in pioneering and testing our platform. FundsDLT is an international initiative that streamlines a number of activities within the fund distribution value chain, and as a consequence, will reduce costs for the benefits of investors across fund and investor domiciles.”