London
13 February 2018
Reporter: Jenna Lomax

GFT Technologies creates new DLT platform


GFT Technologies (GFT), together with its partners in Italy, is to set up a secure cross-platform blockchain distributed ledger technology (DLT) network across Europe.

GFT originally established a blockchain incubator in London in 2015 with its Project Jupiter.

Prototypes of Project Jupiter have already been implemented in Germany, Italy, Spain and the UK for various areas, such as lending, payment transactions, cross-border clearing and settlement.

According to GFT, Project Jupiter will enable clients understand the numerous ways they can leverage DLT and establish their own viable business models.

There are three main application areas to Project Jupiter: reducing the risk of fraud in billing, certifying products and classifying quality, and giving clients the ability to access real-time reimbursements.

In order to promote DLT, blockchain and cryptocurrencies amongst its own workforce, a GFT cryptocurrency named GFT Coin was created as a pilot project in the UK in early 2018.

The initiative is currently being rolled out across the GFT Group. Employees receive a number of coins every month and can ‘reward’ their colleagues with a GFT Coin as they see fit.

Richard Miller, strategy head of disruptive technology at GFT, said: “We are seeing tremendous interest from clients wishing to examine how DLT can add value to their business.”

He added: “Clients are recognising that now is the time to utilise DLT and blockchain for non-mission-critical use cases that have the potential to be truly transformative.”

Marika Lulay, CEO of GFT, said: “Blockchain has matured into a core technology and will achieve a breakthrough in the finance sector this year.”

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
OFI AM and SETL become shareholders of IZNES
23 February 2018 | Paris | Reporter: Jenna Lomax
OFI AM and SETL have been joined as shareholders of IZNES by five asset management companies
Klesia Finances goes live with NeoXam’s Density solution
23 February 2018 | Paris | Reporter: Jenna Lomax
According to Klesia, Density will assist it in facing the current French and European regulatory landscape
EBA Clearing’s RT1 hits 500,000-transaction-mark
23 February 2018 | London | Reporter: Jenna Lomax
The RT1 system passed the transaction milestone on 19 February
Liz Daniels joins FCA
23 February 2018 | London | Reporter: Becky Butcher
The Financial Conduct Authority has appointed Liz Daniels as policy advisor
Gen II exceeds $175 billion in assets under administration
23 February 2018 | New York | Reporter: Becky Butcher
Gen II Fund Services has revealed that its assets under administration have exceeded $175 billion
SANNE hires Hannah Correll Jaeger
22 February 2018 | New York | Reporter: Becky Butcher
SANNE has appointed Hannah Correll Jaeger as head of client relationship management for the Americas to support the company’s growth
Benelux trio set to strengthen collaboration on blockchain
22 February 2018 | Brussels | Reporter: Becky Butcher
B-Hive, the Luxembourg House of Financial Technology and the Dutch Blockchain Coalition have signed a memorandum of understanding to strengthen further collaboration in blockchain within the Benelux region
More news