One of the powerful sectors where Blockchain Technology has made a splash is in the Fintech Industry
Why Fintech is the Future of Finance
The increasing popularity of FinTech companies is changing the way banking has been done. It's a huge challenge for global financial institutions as they have failed to adjust to the changes - not only in technology but also in culture, operations, and other necessary facets of the industry.
The most trending topic in the financial services industry today is blockchain. If incorporated properly, it would allow Fintech companies to process payments more accurately while lowering transaction processing costs and the need for exceptions.
Advantages of Blockchain Integrated Fintech Services
Improved contractual performance due to Smart Contracts
Improved capital optimization
Reduced cost of services
Reduced error handling and reconciliation
Diverse and stable credit landscape
Instant settlements
How Blockchain Technology Expedites FinTech Adoption
Blockchain projects can streamline various complex processes that may hinder the widespread adoption of Fintech Industry by reducing settlement times, providing secured global currency exchange rate speeds, and increasing transaction speed, among other benefits.
The technology lays the foundation for an overhaul of the banking industry, replacing traditional back-office clearinghouses and other ancient methods that still exist between asset sellers and buyers.
Hyperledger Fabric Project
It’s a trade finance platform aimed to enhance international payments by utilizing blockchain. Seven of the largest banks including Deutsche Banks, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit support the project. The project is highly scalable and enables multiple participants to integrate into the complete financial supply chain operation/process through the secure blockchain, allowing for an unforeseen amount of transaction transparency.
Corda
Blockchain consortium R3 is the next big thing in the bank-based blockchain sphere. R3’s prime focus is on the development of their Corda platform, with future endeavors for an infrastructure network aimed at financial entities to develop their own ledger-based application and services.
Benefits of using Blockchain Technology For The Fintech Industry
Faster Syndicate Formation
Digitization of Documents
Quicker KYC for the clients
Technology Integration
Reduced Settlement Periods
Document Immutability
Fundraising
Security
Why Oodles For Blockchain Based Fintech Solutions?
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