"The financial services industry is under pressure to
innovate faster than ever while continuing to run efficiently and securely, and
the benefits of distributed ledger technology have provided the opportunity to
re-architect the industry," said Hanna Zubko, CEO of IntellectEU,
according to a press release on the announcement. "At the same time
enterprise blockchain projects cannot run independently; they have to become an
integral part of the enterprise infrastructure. Catalyst allows financial
institutions to integrate their blockchain solution of choice with existing
back office systems."
existing customer environments with blockchain solutions, including solutions
leveraging the IBM Blockchain Platform and Oracle Blockchain Cloud Services. According
to IntellectEU, the
Catalyst platform, built for the financial services industry and compliant with
ISO 20022 standards, is able to provide interoperability across different
business units and organizations in a multi-standard world.
"Catalyst bridges the gap by integrating an array of
blockchain technology solutions with existing financial infrastructures,"
said Thomas Bohner, Catalyst’s product manager at IntellectEU, per the release.
"Catalyst offers flexible set-up, minimized maintenance cost and a low
cost-entry while providing efficient, reliable, and secure data exchange
between multiple enterprise applications."
In a guest
post published in the Hyperledger blog, Zubko and Bohner elaborated on
a specific use case. In a proof of concept for a car insurance company,
Hyperledger Fabric and Catalyst were used to create a flexible, pay-per-mile
insurance product based on the actual car mileage and condition of the vehicle.
The prototype insurance product was connected to the insurance database, internet
of things devices and end-user mobile applications.
“Catalyst listened to the changes on all the data sources and
based on the business rules, applied the corresponding logic,” wrote the
IntellectEU executives. “IntellectEU deployed two smart contracts on
Hyperledger Fabric; one to calculate the premium based on the actual car
mileage and a second to confirm the payment.”
interview with PYMNTS
, Zubko noted that one of the main
obstacles to the adoption of distributed ledger technology in the financial
services sector is the need to avoid disruption of existing back-office
functions. The main selling point of the Catalyst platform is its ability to
help financial services providers integrate blockchain solutions with their own