Allfunds has signed a deal with software firm ConsenSys in a bid to streamline fund transfer processes between financial entities, intermediaries, and third-party payment systems using blockchain.

Working with ConsenSys, Allfunds Blockchain - the fund platform’s recently launched blockchain arm - seeks to reduce processing and settlement times while working on data governance concerns within blockchain ecosystems.

Ruben Nieto, managing director at Allfunds Blockchain said he was “thrilled” to be bringing ConsenSys software to the wider market.

Both companies are working together to power Allfunds’ distribution platform in combination with ConsenSys Quorum, which used the decentralised blockchain Ethereum.

Ethereum is known as the native home of cryptocurrency ether, one of the largest cryptocurrencies in the world.

Madeline Murray, product lead at ConsenSys Quorum, said: “This partnership with Allfunds will further facilitate global blockchain adoption for the funds industry and enrich the ecosystem with technical innovations suitable for advanced privacy use cases."

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