WSFS and Intain Collaborate to Offer Unique Asset-Backed Securities Trustee Services Using Enterprise Blockchain Technology

Partnership Brings Efficiency and Transparency to a Trillion Dollar Industry Still Facing Risks with Data Integrity and Lack of Real-Time Information

WILMINGTON, Del., Feb. 25, 2020 (GLOBE NEWSWIRE) -- WSFS Institutional Services ^TM, a division of WSFS Bank, and Intain Inc. (“Intain”), a leading provider of technology for automating the management of capital markets transactions, announced a collaboration to create a tool offering trustee reporting on asset-backed transactions on a blockchain-backed platform.

The new platform, built on a permissioned blockchain, eliminates reconciliations and automates transactions. Real-time reporting makes compliance simple and provides WSFS clients with full transparency. The platform connects with Issuer and Servicer systems to receive initial loan data and ongoing servicing information. “Smart contracts” automate the reporting on the transactions, including the calculation of payments and other information typical in investor reports provided by indenture trustees.

“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 two hundred 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.”

The partnership affirms that an evolutionary approach in the adoption of blockchain in Capital Markets is starting to resonate. Specifically, it showcases the importance of a ‘single version of truth’ across transacting parties and an immutable audit trail, with tokenization as the optional next step rather than the starting point.

To learn more about WSFS Institutional Services, visit wsfsinstitutionalservices.com.

About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally-managed bank and trust company headquartered in Delaware and the Delaware Valley. As of December 31, 2019, WSFS Financial Corporation had $12.3 billion in assets on its balance sheet and $20.7 billion in assets under management and administration. WSFS operates from 126 offices located in Pennsylvania (55), Delaware (49), New Jersey (20), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect, Cypress Capital Management, LLC, NewLane Finance, Powdermill Financial Solutions, West Capital Management, WSFS Institutional Services, WSFS Mortgage, and WSFS Wealth Investments. Serving the greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.