BNY Launches Digital Transfer Agency for Blockchain-Based Funds
Bank of New York (BNY) has introduced new digital transfer agency capabilities, called Digital TA, to support funds built natively on blockchain. This service expands BNY's fund servicing business to handle both traditional and tokenized assets across multiple jurisdictions from a single platform. The launch is initially targeting select clients in the U.S. and UK with plans for further expansion. Digital TA enables native blockchain-based funds where legal ownership and value exist directly onchain, differing from existing models that use tokens as mirrors of off-chain assets. BNY highlights this innovation as combining traditional operational rigor with digital flexibility to power future financial markets. Early adopters include Baillie Gifford, BlackRock, and BNY's own Dreyfus arm launching tokenized money market funds. BNY’s transfer agency business already manages $8.6 trillion in assets across 7.6 million accounts, providing a strong foundation for the new digital offering.