Corastone Partners with UMB Fund Services for Permissioned Blockchain Integration
Corastone has partnered with UMB Fund Services to implement a permissioned blockchain network for alternative investment servicing. This integration will enhance operational efficiency by facilitating real-time data exchange, reducing manual processes, and improving transaction accuracy.
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Corastone has connected UMB Fund Services (UMBFS) to its permissioned blockchain network, marking a significant advancement in alternative investment servicing. UMBFS will serve as a transfer agent and fund administrator, enabling streamlined processing of investment transactions.
This collaboration includes StepStone Group as the first client, using shared distributed ledger technology for enhanced data accuracy and reduced manual reconciliation. The partnership aims to modernize workflows and address the growing demand for efficient alternative investment solutions.
Participation from Envision Financial Systems provides additional support for recordkeeping and automation. This integration reflects an ongoing trend in the industry towards digitization and operational efficiency in private markets.
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