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Use cases for Finance

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Industry 4.0

Aceblock for Finance

Improve security and transparency in the financial domain, and create new solutions for innovative, more efficient fin-tech applications. As the key mechanism for digital cash transactions, blockchain helps to remove friction and speed-up old, time-consuming processes.

INTERBANK TRANSACTIONS

In many aspects, the finance industry is an antiquated system of slow payments and added fees. However, blockchain technology offers a high-security and low-cost way for sending and receiving digital value, thus speeding processing time for traditional bank transfers.

  • Offer greater speed, cheaper transparency and security when exchanging sensitive data

  • Become more efficient by optimizing processes, involving stakeholders, delays and excessive paperwork

CROSS-BORDER PAYMENTS

For any financial system, payments are of the upmost importance. However, the system becomes slower and more costly with each additional transfer. With blockchain, cross-border payments are faster and less expensive than with traditional systems, bringing benefits to both, a stand-alone industry, and the entire global economy.

  • Speed-up the time to verify transactions, no matter the time zone

  • Record and validate each and every transaction through the distributed network

  • No third-party authorization is needed

  • lower the associated costs

TRADE FINANCE

No matter the advancements in technology, the century-old practice in trade finance sector has undergone remarkably little change. The branch which is considered to be the fuel of global commerce and trade would greatly benefit from blockchain in automating many of existing processes, and simplify billing, accounting and data processing.

  • Reduce the redundancy of information

  • Improve performance

  • Simplify administration and bureaucracy-related costs

  • Ensure data immutability fully encrypted and tamper-proof technology

CLEARING & SETTLEMENTS

Transferring money around the world comes with many challenges, having to bypass a complicated system of intermediaries. This is why the typical clearing and settlement cycle today lasts for several days, involving complex operations and multiple stakeholders on different end-points.

  • Record and validate each and every transaction through the distributed network

  • No third-party authorization is needed

  • Lower the associated costs

  • Make cash settlements instant, no matter the time zone

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