Blockchain

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Blockchain Capabilities

Use Cases
In terms of use cases, we have so far implemented solutions in the areas listed below.

Digital KYC

This is a digital identity service that aims to support financial inclusion globally.

It permits a user to create a profile from a mobile application that includes a password/PIN and biometric data as well as information required by financial institutions to perform their Know Your Customer (KYC) and Customer Due Diligence (CDD) functions (e.g. identification documentation, address, employment information). This information is stored securely in a private and permissioned blockchain which authorised financial services providers can join.

Once a profile has been created and the user authenticated, s/he is able to sign up for the various products offered by connected financial services providers. Users are also able to view summary information (e.g. account balance) as well as individual transactions for each of the services they have signed up for.

The solution supports integrations with third party services providers for biometric authentication (e.g. BioID) and bank aggregation (e.g. Plaid).

In addition to the above, we are currently part of a regulator-led cross-industry group in an emerging market working on piloting a digital KYC platform for that country.

Bank Collaboration

This is a private and permissioned distributed ledger that helps banks and other financial services institutions share information with customer consent. It enables them to collaborate in areas where they don’t compete or differentiate in order to improve the customer experience, lower operational costs and reduce risk.

It enables banks to work together and launch services such PayID (a public identifier a customer can use, instead of her bank account information, when receiving payments from anyone across the banking network), BankID (private credentials a customer can use to identify herself and provide KYC/CDD information across the banking network) and a common watch list of individuals and corporate entities with a history of fraud, that have been flagged for money laundering or terrorism financing or that are politically exposed.

Trade Reconciliation

A private and permissioned distributed ledger that enables participants in the OTC derivatives market to automate the reconciliation of their trade portfolios with their counterparties. It identifies disputes in valuation or economic terms and enables the parties to resolve them.

The platform also produces the trade dispute reports that need to be submitted to the regulators in terms of reporting standards in the US and EU.

Real Estate issuance, trading, and settlement platform on Blockchain

This is SEC Registered ATS and Broker dealer which is securitizing commercial real estate. The platform caters to issuance of tokens representing fractional size of building, trading of those tokens on secondary market and settlement on the chain. It is built using R3 Corda and Java based application running on AWS.

Corporate bond trading platform

This is FCA regulated MTF in Europe. The platform supports distributed orderbook on R3’s Corda network. Each buy side/sell side institution will have its own node on private permissioned Corda network. It will also support centralised matching and RFQs. Settlement of trades can take place on chain between nodes or through regular post trade entities like clearing agents and clearing houses.

Trading platform for two of the largest Crypto Exchanges

We developed and supported trading platforms for two of largest crypto exchanges. The platform supported KYC/AML and onboarding of institutional customers, deposit and withdrawal, trading in spot and crypto derivatives, integrations with wallets and payment systems.

Technology

The above platforms were built using a private and secure blockchain platform for maintaining the distributed ledger like Hyperledger, R3 Corda, Ethereum. Applications are deployed on DLT network (i.e. smart contracts) that function in a uniform manner across all participants.

Participating institutions form a consortium with designated institutions running nodes that maintain the ledger by ordering transactions. All participants run one or more peer nodes that host the DLT app. Each application also includes an interface such as a REST API or SDK to enable easy interfacing with the systems of each connected institution.