The solution helps banks enable institutions to exchange all necessary payment details and documentation using secure tokenization and distributed ledger technology. This will facilitate real-time payment verification over a range of existing payment networks.
Banks can now quickly assess a payment’s intended purpose and requirements and, thus, ‘know their transactions’ (KYT). The technology can be applied across many facets of the financial services industry, with multiple possible applications for the transaction of financial securities.
Through the new SaaS model, clients will be able to immediately access and take advantage of all product enhancements and upgrades as soon as they are released and request new features without running the risk of vendor lock-in or unnecessary price hikes for incremental improvements.
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