Mr. Waqas Mirza, CEO – Avanza Innovations, displays its reconciliation & settlement engine on Blockchain deployed in Dubai’s Department of Finance.
Avanza Innovations is currently working with Dubai’s Department of Finance and Smart Dubai Government to implement Dubai’s first Blockchain reconciliation and settlement Platform. This project involves 40 plus government entities and around 15 banks in Dubai.
CIPHER is Avanza’s Blockchain orchestration Platform that can run Hyperledger, Ethereum, Quorum and other blockchain nodes from a single orchestration layer. One of Cipher key implementations is its blockchain based reconciliation and settlement engine. The reconciliation and settlement engine is an ideal project for both public and private sector organisations to help them provide an instant payment settlement process amongst their interconnected entities/departments.
The recon and settlement Platform is a critical part of Dubai’s drive to move all applicable transactions to the Blockchain. Previously the Dubai government struggled with a 45 day recon and settlement process with its partner entities. These entities had their own legacy/silo’d systems that led to process delays and lack of inter-operatability
With the Blockchain’s inherent 2nd eye concept Avanza will be able to get all partner entities on board a system that does near seamless reconciliation and settlement.