Rediscovering Blockchain and financial trends at DES 2018

Rediscovering Blockchain and financial trends at DES 2018

For the third year running, everis was proud to sponsored the Digital Business World Congress 2018 (DES), which took place in Ifema, Madrid, between May 22nd through to May 24th.

The event hosted many leading experts and practitioners in the field of ‘digital transformation’ and focused on many important topics surrounding the digital world at present, such as AI, IOT, Big Data, Cloud and Blockchain.

Most notably, Jorge Lesmes (Head of Blockchain, Banking Practice) gave an insightful presentation at the event regarding the current trends in the financial sector and how to rediscover blockchain and its uses.

This article below provides an example of the use of blockchain as a payment solution for a tier one bank, and its significant importance in the financial industry.

everis has been intrinsic in the successful development and implementation of a solution for a G-SIB bank. Through enabling ‘near real-time’ payment and settlement of funds through a dedicated mobile app.
The main issue for this G-SIB Bank was to meet the current challenges within the International Payments settlement sector. According to the 2015 McKinsey Global Payments Map, international payments represent  20 % of total transactions yet generate 50% of transaction-related revenues, so it was highly important for this G-SIB bank.

The underlying situation was that the whole international payments process was not straightforward; it was  complex and presenteduncertainty, delays, and risk. For instance, a lack of visibility of payment status and and details and delays as a result of the relay process, were commonplace before the implementation of the project. Lots of intermediaries involved in the transaction process increased settlement risk and the inability to confirm total cost of payment before the process began.
For instance the average time for payment settlement to the EU SEPA Regions was three working days.

The average time for payment settlement to the USA was five working days. everis was able to meet these challenges by developing an agile deployment cycle based on 2-week sprints, this minimised delay and allowed for fast response in the event of any subsequent changes.

As a result of the solutions provided by everis, time delays in global payments were reduced significantly; from three working days in the EU, and five working days in the USA to just eight seconds, , accesibile  r24 hours a day, seven days a week.
The project is fully compliant with AML, KYC and Sanction Screening Banking Regulations. Importantly,it provides a seamless customer experience, with near real-time settlement of funds and a global reduction of payment processing times.

Full fee disclosure before the initiation of transactions reduced operational costs through automated reconciliation. The biggest benefit of the project for the client was that there was less likelihood of payment failures due to transparency in costs.

Lastly, for this project everis  used a new methodology for the timely delivery of projects, which increased the level of productivity, maintenance and reduced the time to market. This framework will be used to implement more projects for the G-SIB Banking Group.