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Infoteria Corporation (IC), a company listed on the Tokyo Stock Exchange and Singapore Fintech startup, Dragonfly Fintech (DF), have signed a Memorandum of Understanding to pursue a partnership to develop solutions that will enhance payment, clearing and settlement solutions for the financial services industry. The key area for collaboration will be in applying IC's ASTERIA middleware product to create a more user friendly abstraction of DF's Transaction Ecosystem Platform Solution (TEPS).
IC's ASTERIA is an optimum product for non-coding development for users in a wide array of industries. It is designed with the broadest range of users in mind, and is not limited to expert coders. Data flows can be created with drag and drop icons and property settings so that existing databases, file systems, a variety of business operation systems, and each category of Cloud services can be easily integrated and connected. Installation periods can be greatly shortened, thanks to a non-coding environment in which realistic, operational processes can be created with designs used in typical development and work flows similar to actual practice. These strengths have won ASTERIA No. 1 market share in Japan as a data integration middleware.
DF's TEPS is a pioneering leading edge private blockchain solution that runs on the NEM powered, Mijin fast transaction engine. The key differentiator of the NEM Blockchain solution as opposed to others is that it is specifically tailored for the financial industry. It does not require these financial institutions to do massive changes to their core banking system. As a platform, TEPS is an enabler that allows all ecosystem players such as financial institutions, service providers, merchants and businesses, and end users to make use of as a new means of payment, clearing, and settlement. Existing clearing and settlement solutions rely on a settlement institution to provide the trust for settlement. Blockchain technology is trust-less. It takes away much of traditional method of clearing and settlement, and cut short the entire complicated process. Further, it is a disruptor in that, it changes the landscape for payment, clearing and settlement into a B2B2C2C solution, covering the entire spectrum of Digital Money transaction.
The proposed partnership will allow TEPS to fast track the development of value added Business Intelligence (BI) analysis, operation automation, as well as using it as a tool for Anti-Money Laundering (AML) analytics for a holistic offering. It takes away the need to understand the steep learning curve of the blockchain technology and jumpstart the use and integration of TEPS into core banking systems.
