Collateral Management System which records the details of the collateral received, currency details, margin/haircut details and interest rates payables for cash collateral. Each collateral will be registered as per the federal norms and those details are entered in Collateral registration.In this highly competitive banking environment, Banks need to be responsive to the ever-changing customer needs and consistently exhibit clarity and transparency to earn customer trust. For Banks, collateral management is time-consuming and complicated by lengthy lending workflows.DreamzTech has developed a collateral management framework for one of our esteemed banking clients to address these complex challenges.To overcome issues with risk and time-sensitive operational aspects, we have used Blockchain as the backbone of this solution that is immutable, decentralized and built on Distributed Ledger Technology.
- Unification of data
from all equipment onto a single platform and automated interpretation.
- Registering a sample for
machine with upper and lower reading limits so that alerts can be generated in case
- Process data and represent
the form of animated graphs and charts wherever possible for instant decision
- Using Industrial IoT to
monitor equipment health and provide scheduled maintenance, proactive and preventive
- Platform to view the
status of a machine and the ability to view its breakdown history.
- The solution also provided
option to control machines from a user interface using PLC/SCADA and IoT.
- Tracking of all collateral reconciliation against secure loan where savings bank account are kept as a collateral pledge.
- Synchronization and reconciliation of collateral information available in the existing banking system on a secured platform.
- Secured tracking of the lifecycle of individual collaterals.
- No notification system was available for any payment related update on the loan account.
- Transactions made through the loan accounts were becoming vulnerable to online fraud.
SOLUTIONS WE PROVIDED
- DreamzTech has created the Ethereum Blockchain Smart Contract to track all the collateral reconciliation against each secure loan.
- To help synchronization and reconciliation between the blockchain network and banking existing internal systems we have developed the process to invoke collateral information onto the blockchain.
- Immutable ledger of each loan transaction has worked to trace the end-to-end lifecycle of each collateral on Ethereum Blockchain
- The will send an instant email notification to the Bank Manager and Customer whenever any transaction is made and update the same on Ethereum Smart Contract
- DreamzTech has developed end-to-end solutions where all transactions happen through a secure hardware wallet to prevent misuse of Ether.
ABOUT THE CLIENT
Collateral Management System which records the details of the collateral received, currency details, margin/haircut details and interest rates payables for cash collateral.
United States of America
SERVICES WE PROVIDED
Deployed Business Analyst and Solution Architect in USA client location supported by a team comprised of Project Manager (PM), Tech Leads, Developers, Quality Analysts (QAs) in India. We have supported the Onsite-Offshore location model.
After gathering requirements Solution Architect had created the workflow of the project and selected the technologies to be used. After a discussion between BA and QA Lead, test cases were prepared and validated by the client.
Project Manager specified the in-scope requirements, cost, schedule, list of the deliverable, delivery dates and created a backlog of tasks in JIRA. The project execution plan was based on the Agile Scrum methodology.
Secure Code Repository
BitBucket (version control repository) was created for a safe and secure code repository of the project. We have used the SonarQube tool for Code Quality and Security. The client could see the visual progress of the solution.
Integrated Blockchain Smart Contract and enhanced web application with the bank’s existing collateral system in the AWS cloud. Integrated Ethereum Blockchain Smart Contract with MetaMask mainnet. Integrated Hardware Wallet for Blockchain Smart Contract.
Go-live & Maintenance
SIT and UAT was performed and took approval from the client to go live. After go-live, in the maintenance period, we have supported application enhancement along with SLA driven Level 2 & Level 3 support.