Deka has launched a new subsidiary, SWIAT GmbH, to offer clients blockchain-based solutions for securities processing.
The core of the business is the transaction and innovation platform SWIAT (Secure Worldwide Interbank Asset Transfer).
Henning Vollbehr, SWIAT managing director at Deka, who has been at the firm since 2006, will lead the new unit.
The firm said SWIAT will aim to offer banks, asset managers and infrastructure service providers open interfaces and a common blockchain infrastructure upon which they can develop and launch their products.
It also uses the processes of participating institutes and can be integrated into their existing systems.
Deka added SWIAT’s purpose is to replace the “still largely fragmented” processes within the industry and create common standards for securities processing.
Vollbehr said: “Financial institutions can use the platform to develop innovative business models and play a key role in shaping the infrastructure for a new digital financial ecosystem.”
Martin Muller, board member at Deka, added: “Digitisation will significantly change the financial markets in the coming years.
“Financial market participants must ensure that they remain connected. This will only succeed if we cooperate on infrastructure issues. SWIAT offers this opportunity.”