BC Gateways’ blockchain platform allows data to be published and distributed in a timely, accurate and auditable way using a ‘shared source of truth’. The workflow that exists today between many parties in financial services is distributed and disconnected, which lends itself to a meaningful application of blockchain technology.
BC Gateways currently has an initial focus on helping Australian financial institutions share large volumes of pricing, tax and regulatory data across the investment management value chain. The application of this blockchain is not limited to Australia.
Iress chief executive Andrew Walsh said demand from financial institutions for cost-effective, automated and compliant technology continued to rise and BC Gateways’ platform met this demand.
“Financial institutions have no shortage of data - but without the right systems and levels of automation, data risks being inaccurate or difficult or expensive to manage. In today’s environment, neither outcome is workable for financial institutions.
“BC Gateways has laid a strong foundation with its platform and its blockchain use-case, and we are looking forward to accelerating the solution in this segment.”
BC Gateways founder Andy Hutchings Broso said: “Our blockchain enabled platform was launched with the support of forward-thinking institutions to drive greater efficiency and accountability in data flows across financial services globally.
“We are now pleased to be joining Iress, which shares our vision and has the experience, resources and reach to support us in bringing this much needed step change to the industry.
“It means essential pricing, administrative, regulatory and tax data will not only be more efficiently distributed but also integrated into end-user processes, in turn bringing about better industry and investor outcomes.”
The transaction, which is not market sensitive, was executed through simultaneous signing and completion effective today.