Fintech Startup Partners with Oracle to Enhance Payment Process using Blockchain

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According to a Press Release, Finance platform SDK.finance has collaborated with Oracle to use Oracle Blockchain platform to boost payment process and remove intermediaries.

SDK.finance is a European-based fintech startup that offers a payment platform for financial institutions and banks. In 2015, the company was acknowledged as the best fintech startup by the Central European Startups Awards, while in 2018 it overcame other major industry players in terms of application programming interface (API) endpoints.

By integrating the Oracle platform, SDK.finance intends to boost payment processes, further making them more cost-efficient and secure. The firm is looking to replace intermediary financial institutions with the new system, which would result in reducing the time required for cross-border transactions to a matter of seconds and exclude related transaction fees.

Mr. Frank Xiong, group Vice President, Blockchain Development, at Oracle stated that blockchain could “change the future of digital payment processing, enhancing the user experience, speed, security, and cost of each payment dramatically.”

Besides, Oracle is expanding features on its enterprise-grade Oracle Blockchain Platform, with the aim to simplify the process of integrating existing business and IT systems, and to speed up development and development of new blockchain applications.

In October 2018, started a suite of blockchain-based Software applications based on its Oracle Blockchain Cloud Services, which is designed to enhance traceability and transparency throughout the supply chains. The product enables users to track the authenticity of product components and temperature-control, as well as reduce paper waste.

Likewise today, global online payments firm Netpay International collaborated with Israeli firm BNC LedgerTech to Integrate blockchain into its services intends to cut operating costs. Netpay International will purportedly become the fourth fintech firm to use BNC LedgerTech’s digital, blockchain-powered banking solution “Ubanker.”