SAN JOSE, Calif. & BOSTON--(BUSINESS WIRE)--PeerNova, Inc. today announced that it is developing a program using its platform, Cuneiform, designed to enhance asset and transaction-based tracking for investments with State Street (NYSE: STT). Cuneiform is a Big Data platform that is designed to support the speed and scale required by large financial institutions to report on performance while incorporating key characteristics of blockchain technology: immutability, verifiability, and security.
Using Cuneiform, the trial program will be designed to track the flow of funds with greater certainty, thereby providing State Street more transparent, timely and auditable reporting methods for clients. Custody banks, like State Street, manage trillions of dollars of invested capital on behalf of their clients, including asset managers, asset owners, insurers, official institutions, hedge funds and private equity funds and other alternatives.
“Tracking the flow of investment capital is critical for fund managers in calculating the performance of their investments,” said Hu Liang, senior vice president, Emerging Technologies Center at State Street. “Together, we are developing technology that is designed to track the lineage of capital with precision and verifiability. While currently a trial, the potential to provide that level of detail more efficiently and more effectively can bring meaningful value to our clients.”
“PeerNova has been deeply engaged with some of the world’s largest financial institutions since early 2015 to solve pain points they have today,” said Dr. Naveed Sherwani, president and CEO of PeerNova. “Our unique approach to blockchain technology enabled us to identify practical solutions that can be implemented within existing banking infrastructures in the near term.”
About PeerNova, Inc.
Combining the best of Blockchain and Big Data technologies, PeerNova uniquely enables financial institutions to securely and verifiably manage data to address their toughest reconciliation, audit and compliance challenges. Based in Silicon Valley, the PeerNova team has expertise in distributed systems, blockchain technology, networking solutions, compiler technology, big data, and financial services. For more information, visit http://www.peernova.com.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $27 trillion in assets under custody and administration and $2 trillion* in assets under management as of March 31, 2016, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s website at www.statestreet.com.
*Assets under management were $2.30 trillion as of June 30, 2016. AUM reflects approximately $40 billion (as of June 30, 2016) with respect to which State Street Global Markets, LLC (SSGM) serves as marketing agent; SSGM and State Street Global Advisors are affiliated.