Oracle Blockchain Platform streamlines cross-border payments and cuts fees
SDK.finance is using Oracle Blockchain Platform to help the company transform the rapidly evolving payments industry. By integrating Oracle Blockchain Platform into its core payment platform for banks and financial institutions, SDK.finance provides a secure payment system that removes the need for intermediaries, such as correspondent banks and clearing houses. This helps facilitate faster, more cost effective and secure payments, and as a result, can improve the overall customer experience.
Pavlo Sidelov, Chief Technical Officer, SDK.finance said, “Despite the considerable disruption of the financial services industry, cross-border payments are still very slow, the associated fees are expensive, and there is an inherent lack of trust, especially around peer-to-peer payments. We are removing these pain points by providing a platform that drives highly secure, affordable, and fast transactions. Oracle’s enterprise-grade blockchain cloud platform is critical to helping us achieve these goals.”
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Using Oracle’s reliable and high performing distributed ledger technology, SDK.finance provides its customers with trusted real-time verification of transactions. Replacing intermediary financial institutions with the new system means that transactions only need to be confirmed through the blockchain, which has the potential to reduce the time needed for cross-border transactions from days or even weeks to a matter of seconds. It also removes the associated transaction fees, benefitting both end users and merchants, as they gain an alternative way to accept payments without the heavy fees charged by banks and payment processing companies on transactions and chargebacks. This allows them to provide better value and improve the experience for their customers.
Frank Xiong, group vice president, Blockchain Development Platform, Oracle said, “Blockchain has the power to impact all industries, including financial services and organizations like SDK.finance. Using Oracle Blockchain Platform, SDK.finance can change the future of digital payment processing, improving the user experience, security, speed, and cost of each payment dramatically.”
Oracle provides a comprehensive blockchain offering, including business-ready Oracle Blockchain Applications Cloud and a pre-assembled Oracle Blockchain Platform for developers building or integrating their own applications. Oracle Blockchain Platform is production-ready with enterprise-grade capabilities, easy to adopt, and quick to develop upon, helping to save customers’ time and costs and accelerating their blockchain journeys.
Blockchain technology can reduce the security issues in mobile payments and online purchases. The inherent trust factor related with blockchain is most important when dealing with peer-to-peer payments. With blockchain technology, the digitally signed transaction requests, results verification via smart contracts and multi-party consensus helps to protect the users’ digital transactions. Blockchain technology has the potential to solve security concerns by providing a permissioned platform that ensures full transparency between transacting parties.