A Journey of Fintech Giant Towards 45%
Cost Reduction
through Blockchain Technology

Blockchain


Executive Summary

Known for providing banking services on app/cloud that automate user wealth, expenses, payments, documents and payments, the client is a leading fintech company. With simplified, automated and real-time applications, the client allows online businesses to accept and process payments through payment methods that can be integrated with web and mobile applications. Currently operating in 15 countries, the client has recently acquired one mid-size Romanian online payments company.

Client Challenges

  • Business expansion was the immediate thing on the wish list of the client and the acquisition of Romanian firm was its strongest indication
  • The client also acquired few customers in Africa, where their presence is not predominant
    However, with increasing business spheres and customers, the client found it exponentially hard to
  • Protect identity and personal data of users
  • Establish a bond of trust with banks
  • Create and speedify paperless processing
  • Reduce the repetition of Know Your Customer (KYC) processes across service providers and thereby cost
  • Achieve real-time settlement with banks and billers

Our Solutions

Since security, efficiency through paperless processes and cost reduction were the key concerns of the client, we proposed the use of blockchain technology without any hesitation. The proposal was backed by the following reasoning-

1) Security:

The shared documentation of transactions can only be updated and/or modified with consensus on a blockchain network. If the majority agrees to update a record, then the information is edited. Besides, when a transaction is approved, it gets encrypted and connected with the previous transaction. It directly implies that no one person or party can abridge the records.

2) Efficiency:

Since blockchain includes only one ledger, it eliminates the need of maintaining multiple documents. Also, it gives unified access to the same information, making it easier to establish trust. Consequently, it allows smooth settlements without any need for intermediaries.

2) Cost Reduction:

As blockchain fosters trust between you and your trading partner, it automatically eliminates the need for third-parties and middlemen. It can prove a significant cost-saver. Also, as everyone gets to view a single immutable version of the ledger, cost and effort spent on documentation get reduced.

After zeroing on the decision of blockchain technology usage, we divided the solution into two parts

2) Selecting the Right Blockchain Technology:

After doing the SWOT analysis of all the available blockchain technologies, we concluded that Multichain was the perfect match for our client’s needs.

PLATFORMS/PARAMETERS

BITCOIN

MULTICHAIN

ETHEREUM

ETHEREUM

Permission Control
Private Network
Pricing (Free)
Tune consensus Parameters
Open Source
Smart Contract Support
Support for multiple assets
Consensus Algorithm

2) Selecting the Right Blockchain Technology:

Banks/ Financial Institutions maintain Know Your Customer (KYC) data using the custom key with different attributes like customer ID or one of the identification number. But most of the blockchain technologies don’t provide custom key-based search, which makes the search ineffective. With the help of Multichain’s feature that supports custom key search, we constructed our KYC storage system on top of Multichain quickly.

Quantifiable Benefits

  • The client signed up over 350,000 users in a short span of time
  • 30% increase in process efficiency
  • 45% reduction in cost

About Futurism Technologies

Futurism Technologies is a global business leader, that bringing 360-degree Digital Transformation for business enterprises of various sizes, as well as technology providers by delivering assured business efficiency through a set of new-age technologies. We provide end-to-end high quality and cost-effective IT services to a variety of industries. With state of the art offices in India, US, UK, Australia, and UAE, we have become a global trusted partner of our clients by delivering age-defining and convention-defying digital transformation solutions.

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