BNY Mellon Targets $8.6T Transfer Agency Market With Blockchain Rails

TLDR

• BNY is launching a blockchain-based version of its transfer agency business.
• The business services about $8.6T in assets across 7.6M accounts.
• BNY manages more than $59T in assets under custody and administration.
• Baillie Gifford will use the service for a UK-regulated tokenized fund.
• BlackRock and Dreyfus are expected to use the platform for planned funds.

BNY is moving part of its transfer agency record-keeping onto blockchain as Wall Street builds infrastructure for tokenized funds. The bank plans to keep its existing systems while adding a digital ownership record for fund transactions.

BNY Moves Transfer Agency Records Onchain

BNY, the world’s largest custodian, is launching a blockchain-based version of its transfer agency business. The business services about $8.6 trillion in assets across 7.6 million accounts.

The bank manages more than $59 trillion in assets under custody and administration. Its transfer agency work supports fund ownership records, investor accounts, and transaction processing across asset management products.

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