Production-grade Metro-scale Blockchain Implementation

One the most significant challenges that sparked government and financial institutions interest in applying blockchain was the lengthy and costly manual reconciliation and settlement process, which took up an average upto 45 days. Under the current platform, the institutions and other participating stakeholders had limited visibility of funds, collections, and transactions.

As such, resulting disputes, claims and reversals continued to remain largely manual procedures. The  blockchain payment reconciliation and settlement project thus set out to create a more effective layer to address the limitations of the existing platform. The goals were as follows:

  • Enable instant reconciliations and settlement between entities
  • Immediate disputes and claims resolution
  • Automation of financial procedures for operational efficiency
  • Transparency and immutability of financial records

 

The Solution Which Meets Needs!

Our Reconciliation & Settlement Blockchain Product, Insta Chain, was implemented to help reduce the payment and reconciliation sequential process of 45 days, from the day a user makes a payment, to real-time. The new system enabled transactions to be performed accurately and in real time and economize time and effort. The department’s current procedures rely on staff members physically conducting payments and manually reconciling, as well as settling them and deducting fees, before transferring remaining amounts to relevant authorities, which is a time-consuming process that could take up to long durations.

With the implementation of the platform, reconciliation has been cut to real-time resolutions, along with associated costs. The platform enables entities to see total revenue in real time and saves around more than 15 days of processing time per case.

Customer satisfaction has also increased, as entities are able to resolve customer payment issues proactively. Issues can be detected in real time and, as a result, entities can provide more effective services or issue transaction refunds. Additionally, distributed financial records have helped the networks to improve the transparency and trust of the financial data between banks and entities.