Software supplied through Fintall
Smart-Ops and SmartChain are designed to connect established money market fund administration with token execution and evidence. Traditional and tokenised share classes retain the same discipline around investors, dealing, valuation inputs, cash, and controls.
Clear responsibilities
Investor records, eligibility evidence, dealing, allocations, shareholder cash flows, reporting, and approval workflows remain part of the administration environment.
The software applies an approved NAV to investor allocations; it does not replace the fund's valuation process.
Approved instructions are translated into token actions. Chain observation, finality tracking, indexing, and reconciliation evidence connect execution back to the administration record.
SmartChain is not an independent authority for fund-level business decisions.
The fund's governing body, manager, and appointed providers retain their agreed responsibilities for valuation, eligibility judgements, custody, and fund-level decisions.
Software records and supports those responsibilities rather than assuming them.
The investor lifecycle
Capture identity, KYC and AML evidence, suitability, and jurisdictional eligibility. The chain receives an eligibility representation, not the underlying personal documents.
Link approved investors to screened wallet addresses through controlled instructions, with custody and key-management responsibilities defined.
Validate dealing cut-offs, eligibility, and fund controls. Token issuance follows the approved allocation and confirmed settlement rather than originating the subscription.
Fund accounting supplies the valuation input. Administration applies it to investor allocations; on-chain publication, where required, distributes the approved figure.
Apply the relevant NAV and liquidity controls, including gates, fees, or suspensions. Cash and token sequencing follows the agreed settlement and finality model.
Eligible wallet transfers follow on-chain compliance rules. Smart-Ops observes and reconciles holdings changes without being in every transfer's approval path.
Daily accruals, time-apportioned entitlements, and distribution or accumulation rules remain product decisions, with the resulting holdings changes evidenced.
Record and implement authorised share-class changes, mergers, wind-down, and closure. Legal and governance decisions precede the corresponding register and token actions.
Continuous controls
Investor and wallet monitoring supports re-screening and changes in sanctions or eligibility status, not just an initial onboarding check.
Freezes, forced transfers, and register corrections require defined authority, approvals, and an audit trail rather than unilateral on-chain intervention.
Define the authoritative record, precedence rules, reconciliation cadence, and corrective workflow so discrepancies are investigated rather than silently adjusted.
Where multiple networks are used, the design must preserve a governed view of holdings rather than create competing ownership records.
Investor statements, withholding, tax reporting, and information exchange remain administration requirements even when units are tokenised.
Agree failure handling, recovery paths, custody dependencies, and settlement finality across both administration and token-execution services.
Fund-level choices
Two design decisions shape a tokenised fund. Neither should be assumed simply because a token exists, and both must be consistent with the fund's legal documentation and operating arrangements.
An off-chain authoritative model keeps the legal register within the transfer-agency environment, with a reconciled token representation. An on-chain authoritative model designates the token ledger as the legal ownership record, supported by the surrounding administration data and workflow.
Token execution and selected compliance rules can sit on-chain while dealing and other processing remain off-chain. Personal documents, discretionary judgements, and externally approved valuation inputs retain their own controlled boundaries.
SmartChain is designed to separate execution from the chosen token model. Network, token standard, custody, settlement, and recovery arrangements form part of implementation scope and validation. Tokenisation is a product choice, not a prerequisite for conventional fund administration.
A staged adoption route
A token representation and execution evidence can sit alongside an established authoritative transfer-agent register.
Reconciliation and independent evidence help validate the relationship between token positions and the administration record.
Designating a token ledger as the legal record requires the necessary fund documentation and governance approvals, not simply a software setting.
This staged route is relevant to an existing register. A new fund may instead adopt its agreed register model at launch.
