Fintech company Broadridge Financial Solutions was designated to be the handler of Northern Trust’s blockchain platform.
According to a press release on June 26th, Northern Trust – the financial service and assess management firm headquartered in Chicago – has entrusted Broadridge to further enhance its blockchain-powered private equity (PE) management solution.
The blockchain-based platform was particularly built to create task automation and to best streamline them, for a few specific tasks such as middle office functions. The PE blockchain solution can first be used by “all PE funds domiciled in Guernsey and Delaware, including those administered by Northern Trust.”
“For the benefit of our clients and the industry as a whole, it’s now time to hand over the reins to a technology provider with deep fintech expertise. Broadridge’s administrator-agnostic position, coupled with its DLT (distributed ledger technology) leadership and global footprint, making them an ideal firm to open up this innovative technology to the marketplace, paving the way for the digitization of the asset class.” Pete Cherecwich, President of Corporate & Institutional Services at Northern Trust claimed regarding the handover announcement.
Recently, The American Institute of Certified Public Accountants (AICPA) proposed an updated set of standards for audit evidence including the accommodation of blockchain-based data, reported by The Crypto Sight on June 26.