Financial services software company Iress has acquired a blockchain communication platform to improve accountability and efficiency in data collection and storage.
BC Gateways' platform allows for the secure exchange of data and documents for the financial services sector, in a "timely, accurate and auditable way".
According to Iress, workflows within the financial services lend themselves to meaningful applications of blockchain technology.
"Financial institutions have no shortage of data," Iress chief executive Andrew Walsh said.
"Without the right systems and levels of automation, data risks being inaccurate, difficult or expensive to manage. In today's environment, neither outcome is workable for financial institutions," he said.
Walsh said BC Gateways met the industry's demand for cost-effected, automated and compliant technology.
"BC Gateways has laid a strong foundation with its platform and its blockchain use-case, and we are looking forward to accelerating the solution in this segment."
BC Gateways founder Andy Hutchings Broso said the platform was looking forward to improving data processes across the financial services industry.
"Our blockchain-enabled platform was launched with the support of forward-thinking institutions to drive greater efficiency and accountability in data flows across financial services globally," Hutchings Broso said.
"We are now pleased to be joining Iress, which shares our vision and has the experience, resources and reach to support us in bringing this much-needed step change to the industry."
Broso said the acquisition would improve industry and investor outcomes.
"It means essential pricing, administrative, regulatory and tax data will not only be more efficiently distributed but also integrated into end-user processes, in turn bringing about better industry and investor outcomes."
BC Gateways was founded in 2017. Its platform assists Australian financial institutions to share pricing, tax and regulatory data across investment management value chains.