Northern Trust has handed over its blockchain platform to fintech firm Broadridge financial Solutions, per a release on June 26.

The Chicago-based asset management firm Northern Trust has handed over its blockchain-based private equity (PE) management resolution to Broadridge for additional improvement.

The platform purports to streamline and automatize certain tasks, like middle office functions. The peblockchain resolution can initially roll out “to all PE funds domiciled in Guernsey and Delaware, as well as those administered by Northern Trust.”

Pete Cherecwich, President of company & Institutional Services at Northern Trust commented on the hand-off, saying:

“For the advantage of our clients and also the business as a whole, it’s currently time to hand over the reins to a technology provider with deep fintech experience. Broadridge’s administrator-agnostic position, let alone its DLT (distributed ledger technology) leadership and global footprint, build them a perfect firm to open up this innovative technology to the marketplace, paving the manner for the digitization of the asset category.”

Broadridge cooperated with the bank Santander a year ago to encourage speculator casting a ballot by means of intermediaries utilizing blockchain innovation.As antecedently reported by Top Market Group, Northern Trust partnered with Big Four consulting and auditing network PwC to supply a repository of audit data on its personal equity blockchain to interested parties.

The solution was reportedly engineered using the open supply Hyperledger fabric framework additionally because the IBM Blockchain to provide security and scalability.

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