The blockchain-oriented fintech integrator IntellectEU is launching its Catalyst platform to connect business applications, financial market infrastructures and blockchain networks. According to IntellectEU, Catalyst is the first such platform to integrate with multiple blockchain networks.
IntellectEU focuses on connecting back-office systems to blockchain networks, including networks built with Hyperledger Fabric. A founding member of the Linux Foundation's Hyperledger — an open-source initiative to advance cross-industry blockchain technologies — as well as an integration partner of IBM and Oracle for cloud blockchain services, IntellectEU has a global presence with offices in New York, Brussels, Lisbon, Coimbra, Munich, Mexico City and Kiev.
"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."
Catalyst integrates 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.”
https://www.pymnts.com/news/b2b-payments/2018/intellecteu-blockchain-hanna-zubko/, 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 back-office systems.
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