Finance platform SDK.finance has partnered with Oracle to use the Oracle Blockchain Platform to improve payments processes and remove intermediaries. The partnership was announced in a press release published on Feb. 12.
SDK.finance is a European-based fintech startup that offers a payment platform for banks and financial institutions. In 2015, the company was reportedly recognized as the best fintech startup by the Central European Startups Awards, while in 2018 it overcame other major industry players in terms of application programming interface (API) endpoints.
By integrating the Oracle platform, SDK.finance reportedly aims to boost payment processes, also making them more cost efficient and secure. The company is looking to replace intermediary financial institutions with the new system, which would purportedly result in reducing the time needed for cross-border transactions to a matter of seconds and remove related transaction fees.
Frank Xiong, group Vice President, Blockchain Development Platform, at Oracle said that blockchain could “change the future of digital payment processing, improving the user experience, security, speed, and cost of each payment dramatically.”