Czech-based SDK.finance taps Oracle Blockchain Platform for faster cross-border payments

Oracle has announced that Czech financial firm SDK.finance has integrated Oracle Blockchain Platform into its core payment platform for banks and financial institutions.

Oracle Blockchain Platform helps eliminate the need for intermediaries, thereby allowing SDK.finance to provide faster, more cost-effective and secure payments, and enhancing the overall customer experience.

Pavlo Sidelov, Chief Technical Officer, SDK.finance said that cross-border payments are still very slow with high associated fees are expensive and an inherent lack of trust.

“We are removing these pain points by providing a platform that drives highly secure, affordable, and fast transactions. Oracle's enterprise-grade blockchain cloud platform is critical to helping us achieve these goals,” Sidelov said.

By leveraging Oracle’s distributed ledger technology, SDK.finance is able to provide its customers with trusted real-time verification of transactions. Instead of intermediary financial institutions, such as correspondent banks and clearing houses, transactions only need to be confirmed through the blockchain, which could reduce the time needed for cross-border transactions from days or even weeks to a matter of seconds.

In addition, the blockchain-based system also removes the associated transaction fees, benefitting both end users and merchants, as they can now accept payments without the heavy fees charged by banks and payment processing companies on transactions and chargebacks.

"Blockchain has the power to impact all industries, including financial services and organizations like SDK.finance. Using Oracle Blockchain Platform, SDK.finance can change the future of digital payment processing, improving the user experience, security, speed, and cost of each payment dramatically,” Frank Xiong, group vice president, Blockchain Development Platform, Oracle said.

Oracle provides a comprehensive blockchain offering, including business-ready Oracle Blockchain Applications Cloud and a pre-assembled Oracle Blockchain Platform for developers building or integrating their own applications. Oracle Blockchain Platform is production-ready with enterprise-grade capabilities, easy to adopt, and quick to develop upon, helping to save customers' time and costs and accelerating their blockchain journeys.