Consumers’ interactions with their money, expectations from financial institutions, and how they function have all been challenged by emerging technologies in the financial services sector. New technologies make procedures more effortless, more efficient, reduce mistakes, improve communication, and change the way people think about and interact with money. Currently, the financial services industry has been battling with issues, like data tampering, forgery and duplication of highly-sensitive information.
How can ProofEasy help?
The finance department, especially the accounts division, faces a lot of challenges and performs tasks that are susceptible to:
ProofEasy uses a patented QR code that is impossible to duplicate or bypass.
ProofEasy examines all documents for verifying its authenticity and makes the verified document incorruptible.
Tedious and time-consuming
ProofEasy's unique API integration is not only swift but can be integrated with any existing system, making the automated creation of tamper-proof documents painless.
Invoicing is a fairly complex task and is prone to manual errors. It also faces other challenges, like:
ProofEasy makes it easy to verify the authenticity of a document through its unique hash value and easy-to-scan QR code, thus eliminating fraud
ProofEasy’s blockchain technology can store millions of invoices with unique QR codes.
ProofEasy’s unhackable blockchain technology makes secured invoices available to authorized users only.
Trade and Finance documents are essential for any and all businesses. But they suffer from problems, like:
ProofEasy’s unique QR technology limits the access of the document, hence making it more secure.
ProofEasy makes document replication impossible, thus, eliminating the fear of document breach.
ProofEasy provides access only to authorized users, ensuring that no third-party becomes privy to it.
Keeping up with the technology
Financial organizations need to enhance their businesses, but they must invest in technology to do so. Technology holds the key to developing models for delivering small-value transactions in large quantities while achieving economies of scale. The topic of digital forgeries has piqued the interest of researchers all around the world. Many new and exciting technical challenges with significant societal implications are being found. Financial services organizations must continue to invest in technology and create standardized data sets, benchmarks, and assessment criteria to enhance their productivity and lower the risk of digital forgeries. The use of such efficient, scalable technology would assist in lowering the cost of delivering financial services. Companies must also update their technology infrastructure and data storage to save themselves from hackers' as easy targets.
There are millions of residential property transactions completed yearly. Because of the magnitude of the housing market, keeping track of the numerous property transactions that occur over time is costly. Buyers and sellers may only access information regarding property ownership. High property prices can attract fraudsters, who may use forged paperwork to transfer another person's property into their name or obtain a mortgage on another person's home.
Keeping up with the regulations
The financial services industry is being increasingly regulated. Banks devote a significant portion of their profits to ensuring compliance. They must ensure that mechanisms are in place to keep up with constantly changing legislation and industry standards. Traditional banks must continually assess and improve their operations to stay up with rapidly changing customer and shareholder expectations, technology, and industry laws. Abstract document verification is a field that entails a variety of obstacles in validating papers. Each sort of paper will be verified in a different method.
Verifying a document takes time, and necessitates additional human resources to obtain confirmation of the data given. Managing documents frequently results in data loss or document forgery. Banks frequently find themselves doubling up on work and devoting a significant amount of time in fulfilling the criteria due to these standards. Financial organizations dealing with several reporting standards must simplify each approach by employing blockchain technology to combine all of the data.
The restructuring and digitization of the financial sector have been among the most widely debated subjects in recent years. Most businesses have adopted blockchain technology, steadily finding their way into the global financial industry. The advent of blockchain technology has the potential to alter the global financial world’s future. Blockchain is the technology that underpins Bitcoin and has been adopted by major financial institutions, such as JP Morgan Chase. It is widely considered as one of the most promising areas for banks and other financial institutions today. Investment banks, for example, could save $10 billion if they moved their clearing and settlement procedures to the Blockchain, according to Accenture.
Blockchain Technology, the Distributed Ledger Technology (DLT), is being marketed as the next great thing. The essential advantage of this technique is that it allows untrustworthy parties to agree on a database’s status without using an intermediary. The banking and finance industry is one area where blockchain technology is anticipated to have a significant influence. The global blockchain industry is projected to help the banking and financial sector significantly in the future years because they services provide a wide range of products and services.
Due to network outages and security breaches, most of the financial services industry has made significant investments in various services and apps. The banking industry has always been a trailblazer, adopting new technologies to move away from traditional banking procedures and more accessible financial services. Blockchain technology is one such technology that has attracted interest from all sides. Blockchain, which is essentially a Distributed Ledger Technology (DLT), has emerged as one of the most revolutionary applications in recent years, with the ability to completely transform the financial sector's operations. All large-scale transactions and processes may be recorded on blockchain distributed ledgers, immutable and resistant to fraud. Furthermore, the decentralized structure of transactions gives banks greater confidence in the security of their data.
Efficiency in the regulatory reporting
For financial organizations and authorities, the Distributed Ledger Technology (DLT) or blockchain can alleviate several issues. Regulators would not have to gather, keep, reconcile, or aggregate data because blockchain data is designed to be shared. Every transaction is immutably recorded on the distributed ledger, resulting in a comprehensive, secure, exact, irrevocable, and permanent financial audit trail. Having a single shared permanent record would reduce the need for both regulators and financial businesses to retain their own duplicated records, saving the entire sector a significant amount of money. It would also greatly enhance the efficiency and quality of the process. The distributed ledger serves as both an execution platform and a storage mechanism for transactional data; financial businesses would benefit from a more streamlined regulatory reporting procedure. Adopting blockchain will vastly increase a company's capacity to handle compliance concerns, respond to new regulatory responsibilities, and meet internal audit standards.
In conclusion, businesses which need to incorporate both centralized and decentralized approaches, the blockchain technology offered by ProofEasy might be extremely complimentary. The blockchain technology provided by ProofEasy is a significant step toward universal acceptance of technology-based regulation. ProofEasy's unique potential provides new avenues for experimentation and creativity. ProofEasy provides a suitable technology for optimizing a wide range of existing financial applications and enabling new forms of financial technology (fintech) services to increase scalability, privacy, and performance through patented QR technology.