Distributed ledger technology known as blockchain - the platform most commonly associated with bitcoin - has many uses and banks have developed systems around it for custody and data transfer.
A group of major financial players including Pictet, Lombard Odier, Mirabaud and Edmond de Rothschild have formed the Blockchain Association for Finance, a group focused on how the sector uses and oversees distributed ledger technology.
The group, structured as a non-profit body, is based in Zurich.
According to a description in an email from the association: “BAF's primary mission is to establish governance and management rules for the blockchain-based Wecan Comply platform, which aims to simplify the sharing of information between banks and external asset managers. At a later stage, the platform will also be used to simplify the sharing of information between all financial services providers, other financial intermediaries, auditors and supervisory authorities. The long-term viability and sustainability of the Wecan Comply platform is ensured by BAF.”
The association’s members are Banque Pictet & Cie SA, Banque Lombard Odier & Co SA, Edmond de Rothschild (Suisse) SA, Hyposwiss Private Bank Geneve SA, Gonet & Cie SA, Sygnum Bank, Reyl & Cie SA, Banque Cramer & Cie SA, Mirabaud & Cie SA, Banque Internationale à Luxembourg (Suisse) SA, Pleion SA, Capitalium Advisors SA, Bedrock SA, Fransad Gestion SA, OLZ AG, Stanhope Capital, Alliance of Swiss Wealth Managers.