Basiz Fund Services: Transforming the Blockchain Technology & Crypto Industry

CIO Vendor Mergers and acquisitions continue to consolidate the fund services landscape, while fund administrators face both operational challenges as well as growth opportunities. Furthermore, with innovative fintech, firms can now adapt their operations more effectively to the pressures of managing multi-asset portfolios. And through highly integrated systems, they can also offer their asset management customers a wide range of services, to expand their businesses and elevate their role. As asset managers outsource more work than ever to third-party providers, fund administrators are gaining huge opportunities to expand their business. By leveraging innovations, leading administrators are already extending their operations and services to meet their clients' requirements.

"Clients today want to have technology-driven solutions in almost every operational aspect as it helps them scale up rapidly. Right from on-boarding a client, to completing KYC, reporting, providing analytics, and front and back-office solutions all come into play. We meet their expectations by delivering quality services at reasonable price levels," says Sujata Seshadrinathan, Director ­ IT, Product & Process, Basiz Fund Services.

Chennai-based Basiz Fund Services specializes in a variety of accounting standards and instrument structures. Basiz provides a wide spectrum of service offerings which is a mix of the B2B and B2C business. Apart from its core business of Fund Administration, Fund Accounting, and Financial Statement Reporting which is heavily people, process, and technology-dependent, Basiz is also venturing into pure SaaS models such as legal tech and commerce tech products all of which have tremendous disruptive potential.

All products and services offered by Basiz Fund Services are made based on a value proposition. Powered with decades of rich professional man-years of experience, represented by 150+ professionals, Basiz is poised to reach greater heights in the domain of fund & general accounting as a market leader.

Addressing the challenges faced by stakeholders
With the advent of Blockchain, capital markets firms already have the next level of disruption within their sights and many of the traditional challenges could well be addressed. This provides for direct peer-to-peer trading of assets, controlled with consensus protocols that do away with the need for trusted, third-party intermediaries.

Capital markets are one of the most suitable applications for it, since distributed systems offering disintermediation, albeit disruptive, bring along the advantages of accuracy, integrity, efficiency, and cost-saving at several levels. Blockchain is well poised to address the challenges faced by all stakeholders that include the investors, fund managers, and regulators due to disjoint, independent record-keeping systems that necessitate elaborate auditing.

Basiz is focused on leveraging the same through services in Fund administration
& accounting, Investor services, KYC & AML services, agreement automation & Integrity management, post-trade confirmations, asset servicing, and transfer agency.

Secure, Immutable & Distributed Technology
The secure, immutable, and distributed technology of blockchain enables an efficient system of record-keeping. Some of the benefits that can be reaped by the clients by successfully adopting Blockchain include distributed concurrent ledgers, secure systems, cost-saving accruing out of disintermediation, and cost as well as time efficiencies due to an in-built audit trail.

In simple terms, the same data is visible to all participants, with decentralized truth validation using consensus mechanisms. This is in sharp contrast to the centralized data integrity systems, which run on 'Single source of Truth validation'. However, successful adoption will need to focus on managing the disruption and bridging the technological gap at the implementation as well as usage level. Processes and control systems will need to be redefined, while adequate training will ensure less uncertainty among staff.

Future trends in the Blockchain Technology
"Interoperability and scalability of blockchain solutions was the main stumbling block so far. Recent innovations have resolved these issues to a great extent. This makes several use cases like stock markets and banking systems that were stuck in the proof-of-concept stage, viable now," says Sujata.

Powered with decades of rich professional man-years of experience, represented by 150 plus professionals, Basiz is poised to reach greater heights in the domain of fund & general accounting as a market leader

The cryptocurrency industry is witnessing substantial growth with increasing volumes of cryptocurrency transactions and their market capitalizations. Basiz as an international fund administrator has already administered cryptocurrency assets around the world. Basiz's participation for the moment will be limited to fund administration. The company believes that future sovereign currencies will themselves be blockchain-enabled.

Sujata Seshadrinathan, Director - IT, Product & Process
Sujata Seshadrinathan is Director ­ IT, Product & Process and Majority Shareholder in Basiz Fund Services, a Global Leader in Fund Administration. Sujata holds a Doctorate in Business Administration from SP Jain School of Global Management, Singapore/India focusing on Blockchain adoption. Her educational qualifications, as well as work experience, make her an expert in software, finance, and accounting knowledge. She has over two decades of experience in software design and development and fund administration services.

Sujata has developed automated technology solutions and products for accounting applications in the fund industry, Legal Tech, among others. She holds two patents for products designed in the fund administration and legal services space. Sujata has also led several projects for process engineering based on Six sigma architecture from inception to implementation and handled SSAE certifications for various verticals. Her research interests include technology adoption, blockchains, and accounting information systems.