WSFS Institutional Services, a division of WSFS Bank, and Intain Inc. announced a collaboration to create a tool offering trustee reporting on asset-backed transactions on a blockchain-backed platform.
Wilmington-based WSFS has been focusing on technological upgrades after acquiring Beneficial Bank and merging the operations of the two companies.
Blockchain technology allows documents to move back and forth without the possibility of information being altered.
The new platform eliminates reconciliations and automates transactions.
Real-time reporting makes compliance simple and provides WSFS clients with full transparency, a release stated.
“We are thrilled to provide our clients with the newest technology available so they can focus on serving their markets,” said Kristin Moore, senior vice president, director, corporate trust, WSFS Institutional Services. “Most technological innovation in the industry to-date has been focused on front-end loan originations. Our work with Intain will allow us to produce trustee reports faster, with more accuracy and access to loan-level detail to investors.”
According to Siddhartha, Intain’s Founder and CEO, “This partnership brings together today’s technology with the credibility and trust of a bank that’s nearly 200 years old. Together, we will help financial institutions lower their compliance and transactions costs. When parties work off the same source data, you can then have true automation, and distributed ledger provides an excellent means of achieving that.”
For more information on WSFS Institutional Services, visit wsfsinstitutionalservices.com.
Intain has offices in New York, Singapore and India.