The client organization focuses on creating and operating a robust retail payments and settlement infrastructure.
The Challenge
The current retail payments and settlement infrastructure had issues related to scalability, concurrent transactions, inter-party interactions and settlement. These shortcomings led to higher per-transaction cost, reduced system throughput, and was vulnerable to frauds.
The client also DR needed a reliable, transparent payment and settlement system due to a non-unified platform across products. They needed a solution design that included designing for high throughput requirements, performance measurements and tuning for best performance.
The Solution
Using R3’s Corda blockchain technology, Persistent built a solution to improve inter-party interactions and streamline the settlement process. It involved modeling the current transaction flows onto Corda blockchain and integration with existing enterprise components.
As part of the solution, a scalable distributed ledger solution was curated where payment transactions between banks are recorded on the shared ledger between counterparties. The system supports multiple sub-ledgers to ensure confidentiality of transactions and is architected to scale at the network level.
Moreover, Persistent also developed a single unified platform with intuitive user interface, designed to work across all products for Payment’s orchestration, Clearing and Settlement, and Disputes Management for each participating organization.
The Outcome
- Built and deployed a blockchain platform to improve inter-party interactions and streamline the settlement process with increased reliability, speed, reduced risk, and fraud.
- A cloud native microservices based platform built on Open JDK – Java and R3 Corda Blockchain platform.
- Improved operational efficiency and liquidity risk management while lowering Total Cost of Ownership.
- With our solution, 4300 TPS with high availability was achieved, which would be the highest on any Blockchain platform.
