Financial Firm SDK.finance Integrates Oracle Blockchain To Transform Payment Industry

Blockchain, Innovation, News | February 13, 2019 By:

Finance platform SDK.finance has integrated Oracle’s blockchain platform to help the company transform the rapidly evolving payments industry.

Based in Czech Republic, SDK.finance enables banks, payment services providers (PSP) and electronic money institutions (EMI) to launch payment or loyalty products. It allows customers to build payment services, e-wallet, P2P money transfer and currency exchange, among others.

The Oracle Blockchain Platform, based on the Linux Foundation’s open source Hyperledger Fabric, makes it easier for developers to integrate their blockchain applications with existing business and IT systems. Oracle recently added new features to the platform that are aimed at letting businesses and developers use their existing skills to build and manage their applications. These include enhanced world state database to support standard SQL-based ledger queries, enhanced REST APIs, identity federation, third-party certificate support and Hyperledger Fabric 1.3 support.

According to SDK.finance, the integration of the Oracle Blockchain Platform allowed them to provide a secure payment system that removes the need for intermediaries, such as correspondent banks and clearing houses. SDK said this has the potential to reduce the time needed for cross-border transactions from days or even weeks to a matter of seconds. The platform also removes related transaction fees, allowing merchants to provide better value and improve the experience for their customers.

“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,” said Pavlo Sidelov, Chief Technical Officer of SDK.finance. “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.”

Frank Xiong, group vice president, Blockchain Development Platform, Oracle, said that 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,” Xiong said.