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Powered by blockchain and artificial intelligence (AI) technology, the new platform will help financial institutions with digitization of their business processes.
Samsung SDS, the IT subsidiary of South Korea’s Samsung Group, has announced the launch of its new service aimed at innovating the digital finance sector. The new platform aims to help financial industry players to streamline their financial transactions, improve security, and reduce cost.
Nexfinance combines existing technologies together with new technologies to provide solutions for financial and digital identity services. The system will provide a range of services, such as automatic insurance payment, digital identity management, AI virtual assistant, and finance concierge. Besides, developers will be able to create their own solutions using the platform.
“New technologies such as biometric, AI, and blockchain are bringing out the urge for a fundamental innovation in the finance industry,” said Samsung SDS CEO Hong Won-pyo during a press event in Seoul. “We have completed the design for Nexfinance aimed at the insurance industry and we will continue to put in efforts to innovate the digital finance industry.”
Nexfinance can be used to integrate and monitor financial data from different companies, offer product recommendations, claim insurance and operate loyalty programs. It includes three main applications: “Financial Concierge,” a platform for gathering records from banking firms, “Digital Identity”, a personal ID app that validates personal data, and “Virtual Secretary”, an AI service designed to recommend financial products.
“Nexfinance is a platform that allows the easy application of new IT technologies and various external solutions, allowing financial institutions to actively and flexibly respond to a rapidly changing financial IT environment,” said a Samsung SDS official. “We provide the highest level of security by applying technology for forgery and falsification prevention and joint authentication based on blockchain technology.”
The platform will use a private blockchain network based on the Nexledger Consensus Algorithm. Samsung SDS first unveiled its Nexledger platform designed for data exchange and financial transactions a year ago.
This is, however, not the first blockchain project Samsung SDS has been working on lately. A few months ago, it partnered with the Seoul Metropolitan Government to develop a blockchain-based municipal administrative platform that is set to be completed by 2022. Besides, last year it built a blockchain system for Samsung’s banking unit Samsung Card.
In 2017, Samsung SDS collaborated with South Korean startup Blocko to jointly develop blockchain applications. Both companies are members of Hyperledger Project, which aims to develop open protocols and standards for the blockchain technology. Samsung SDS joined the group two years ago.