DassaultSystèmes named Kalypton winner of the 3D FinTech Challenge 2016, its fourth annual accelerator program to drive digital transformation and address regulatory requirements in the financial services industry.
Kalypton’s solution, Tereon, can process one million transactions per second on a single server whereas current payment solutions process 1,000 to 10,000. Every transaction is processed with ACID consistency rather than BASE or eventual consistency and it uses its hash chain to detect and share with the entire open community any record tampering done on private ledgers. Each payment service provider has all the tools they need to customize services and to develop new ones ensuring independence, ongoing innovation and a future-proofed investment.
“The 3D FinTech Challenge has been a terrific experience,” said Lars Davies, CEO, Kalypton. “DassaultSystèmes, our mentors, BNP Paribas, the experts, other program participants, have all contributed to accelerating our solution and deserve our thanks. We’re confident that our solution brings competitive advantage and immediate cost savings for true real-time processes to payments and post-trade settlement to help banks overcome daily challenges related to regulatory-related burden.”
Due to each country’s own set of regulations that increases regulatory-related costs, there is a global need to reduce systemic risk and protect the customer. Nimble financial technologies startups such as Kalypton can introduce disruptive solutions aimed to strengthen collaboration internally, externally and across regulatory jurisdictions, better manage, analyse and standardise data and improve data reporting, and examine the potential impacts of new regulations across a firm’s processes, products or customers.
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“The success of the 3D FinTech Challenge is testimony to the ongoing need for digital solutions to address high-priority regtech challenges in financial services and improve the customer experience,” said Guillaume Dufour, Vice President, Financial and Business Services Industry, DassaultSystèmes. “DassaultSystèmes doesn’t take equity in the program’s startups and leverages its experience in other highly regulated industries like life sciences to focus on creating sustainable value for the industry.”