SEI Wealth Platform to trial blockchain again in 2018
Outsourcing solutions provider SEI Wealth Platform will be trialling blockchain technology once more to automate its end-to-end processes
This comes after the company undertook an internal blockchain pilot test, for a period of six weeks, last year.
Blockchain was not implemented following the test as SEI Wealth Platform said the technology would only be useful if other clients in the “chain” implement it as well.
The new trial will also last around six weeks, and will take place in 2018.
SEI Wealth Platform’s proposition director, Kevin Russell, said: “We had a pilot on blockchain on our asset platform last year, an internal test which was aimed at automating an end-to-end process.”
Russell also said the company is exploring ways to use blockchain in collaboration with other technologies such as AI.
“The opportunity [with blockchain] only comes to play when other clients in the chain use it too.
“If we can do that in the next phase, [that would be good].”
The next stage could be involvement in the FCA sandbox.
The FCA regulatory sandbox enables businesses to test products, services, business models in the real market with real consumers.
Russell also noted there is a conflict between blockchain and GDPR.
The ‘right to forget provision’ under GDPR allows a client to request data to be deleted, meanwhile blockchain is said to be immutable, and transactions cannot be altered on the distributed ledger.
He added: “The ‘right to forget’ should exist where there is no regulatory conflicts.
“The market has to agree on policy and standards [to appoint regulations alongside technology].”
SEI Wealth Platform said it will be expanding into new markets in 2018, but the company is still in the process of reviewing its options.
The wealth management vendor’s AuM grew by £9.3bn last year.