London-based fintech company SETL has launched a pan-European fund record keeping platform based on blockchain technology in collaboration with four French asset management firms.

Dubbed Iznes, the platform will allow firms to manage KYC processes, subscriptions and redemption instructions, settle transactions and record positions.

SETL claims that the platform will lower transaction costs, while boosting transparency and operational workflow.

The asset managers involved in validation process of the first version of the platform were OFI AM, Groupama AM, La Financiere de l’Echiquier and Arkea Investment Services.

The company said it is planning to launch an enhanced version of the new platform in early 2018.

SETL France CEO Pierre Davoust said: “IZNES is a project that will revolutionize the fund industry in Europe and bring substantial benefits to asset management firms as well as investors and their intermediaries. I look forward to working with our partners to build this next-generation platform and invite all interested parties to join us.”

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