StepStone First to Connect to UMBFS’ Corastone Blockchain, Streamlining Subscriptions
STEP•StepStone became the first UMB Fund Services client to connect to Corastone’s permissioned DLT network, automating subscription workflows and reducing manual reconciliation across fund servicing cycles. This integration leverages Envision’s recordkeeping platform to enable real-time standardized data exchange and supports StepStone’s handling of $885 billion in total capital.
1. Partnership Launch
StepStone became the inaugural UMB Fund Services client to integrate with Corastone’s private permissioned distributed ledger network. UMBFS serves as transfer agent and fund administrator while Corastone provides the underlying blockchain infrastructure enabling standardized data exchange across participants.
2. Operational Efficiency Gains
The integration automates subscription and lifecycle operations, replacing manual document workflows with straight-through processing. Envision’s recordkeeping platform supports investor data management, reducing reconciliation breaks and improving data accuracy in real time.
3. Strategic Implications
This collaboration positions StepStone for scalable growth as private markets expand, leveraging its $885 billion total capital oversight. Adoption of shared infrastructure could drive cost savings, faster transaction cycles and enhanced service offerings.
