- Implemented a multi-party blockchain platform for reconciliation and settlement
- It enabled the reduced the reconciliation and settlement from 45 days to near real time
- Over 5 million transactions processed through the platform
Dubai March 21st 2019 – Smart Dubai, Emirates NBD, Network International and Avanza Innovations were awarded the Best Blockchain Initiative, Application or Programme in the Middle East at The Asian Banker Financial Technology Innovation Middle East and Africa Awards Programme 2019. The awards ceremony was held in conjunction with The Excellence in Retail Financial Services Convention 2019at Conrad Dubai, U.A.E on March 21st 2019.
Implemented a multi-party blockchain platform for reconciliation and settlement
In a multiparty blockchain based consortium, Smart Dubai along with Network International, Emirates NBD and Avanza Innovations implemented a reconciliation and settlement platform. The platform enabled the reconciliation of payments between two entities Dubai Electric & Water Authority, Knowledge and Human Development Authority with Deaprtment of Finance. Based on Avanza Innovation’s technology, the system facilitates organisations to reconcile financial and non-financial transactions and records in near real time. The solution is based on Hyperledger, hosted as ‘blockchain as a service’ by SmartDubai.Being a multiparty consortium it entailed the challenges of an agreement among the consortium members and alignment of people, process and technology to meet a common goal.
It enabled the reduced the reconciliation and settlement from 45 days to near real time
The system has enabled the entities to achieve significant ...
Categories:
Keywords:
- Implemented a multi-party blockchain platform for reconciliation and settlement
- It enabled the reduced the reconciliation and settlement from 45 days to near real time
- Over 5 million transactions processed through the platform
Dubai March 21st 2019 – Smart Dubai, Emirates NBD, Network International and Avanza Innovations were awarded the Best Blockchain Initiative, Application or Programme in the Middle East at The Asian Banker Financial Technology Innovation Middle East and Africa Awards Programme 2019. The awards ceremony was held in conjunction with The Excellence in Retail Financial Services Convention 2019at Conrad Dubai, U.A.E on March 21st 2019.
Implemented a multi-party blockchain platform for reconciliation and settlement
In a multiparty blockchain based consortium, Smart Dubai along with Network International, Emirates NBD and Avanza Innovations implemented a reconciliation and settlement platform. The platform enabled the reconciliation of payments between two entities Dubai Electric & Water Authority, Knowledge and Human Development Authority with Deaprtment of Finance. Based on Avanza Innovation’s technology, the system facilitates organisations to reconcile financial and non-financial transactions and records in near real time. The solution is based on Hyperledger, hosted as ‘blockchain as a service’ by SmartDubai.Being a multiparty consortium it entailed the challenges of an agreement among the consortium members and alignment of people, process and technology to meet a common goal.
It enabled the reduced the reconciliation and settlement from 45 days to near real time
The system has enabled the entities to achieve significant ...
Categories:
Keywords: