London-based company Nimbrix announced the launch of its new blockchain platform, along with the formation of an industry consortium with KPMG and Microsoft that aims to bring a reinvention of financial services software to the market.

Using cloud, open API, Software-as-a- Service (SaaS) and blockchain, Nimbrix will be powered by Microsoft Azure, that allows for seamless integration with minimal up-front costs. The Nimbrix buy-side platform is easily shared, augmented and analyzed by authorized users. It enables traders to execute instantaneously between counterparties, which will reduce the risk of trade errors and inefficiencies, the release stated.

“It’s more than just a product. It’s a revolutionary approach to software for the financial services sector. Traditional solutions for this industry take years to deploy and transition to, but you can bring up a Nimbrix platform in minutes, and then transition to it in months, and because it’s software-as-a-service (SaaS), running on Microsoft Azure, firms can avoid huge, upfront capital costs,” Simon Bullers, Nimbrix CEO said.

The formation of the buy-side consortium, the core platform and the ecosystem is planned for the formal release in early 2017.

“The Nimbrix consortium in the UK is a major milestone rolling out the globally established strategic alliance between Microsoft Corporation and KPMG International in the financial services sector and provide innovative solutions for blockchain enabled Asset Management,” Jens Rassloff, Global Head of Alliances at KPMG said.

Nimbrix is a fintech firm based in London that wants to help asset management firms deliver superior returns for their investors by building a next-generation platform for investment management. Using the latest technology, such as Microsoft Azure, Blockchain and open APIs, Nimbrix aims to revolutionize the economics for this product category and lay the foundations for an industry-wide revolution.