Business Transformation | 07.29.26

BNY To Adopt Blockchain Technology for Records

by: Harriet Clarfelt and Jill R. Shah

BNY is introducing blockchain technology into its transfer agency business, marking a significant step toward modernizing Wall Street's back-office infrastructure. The bank, which safeguards more than $59 trillion in assets, will launch a digital transfer agent that records fund ownership on a blockchain while continuing to support traditional systems. The platform creates a single, shared record of ownership, reducing reconciliation, accelerating settlement and enabling around-the-clock transaction processing. Early adopters include Baillie Gifford, with BlackRock and BNY's Dreyfus funds expected to follow. BNY believes blockchain-based infrastructure will coexist with legacy systems while helping shape the future of financial markets, despite ongoing cybersecurity challenges. 

Read the full article on Financial Times