Samsung SDS is looking to take the finance world by storm. The company announced the launch of its Nexfinance project, which is a digital finance business, during a media day event held on their campus on June 4. The new project will work with its sister companies to help in digital identification, automated financial concierge and even in automated insurance claim settlements. It works on an advanced blockchain powered by high-end artificial intelligence systems.

Nexfinance‘ Is Next-gen Finance

The financial world is full of data that could make or break an individual or an organization. With such large volumes of data floating around, it is essential for organizations to process the data and put it to good use. At the same time, they also need to put in advanced security measures to safeguard it from prying eyes.

Samsung SDS’s new Nexfinance platform solves these problems for finance businesses. It uses innovative blockchain technology coupled with AI programs to make finance simpler and easier to manage. Yoo Hong-jun, the head of Financial Division at the company, said:

“We are planning to move forward with the digital financial business through Nexfinance, a digital financial platform that combines proven and new technologies.”

Samsung exhibition pavilion. Source: Shutterstock.com
Samsung exhibition pavilion. Source: Shutterstock.com

How Does ‘Nexfinance‘ Work?

The new digital finance platform employs some of the most advanced technologies like big data analysis and intelligent process automation. Samsung SDS believes that the use of this platform will help in improving competitiveness in the industry. It could be used for providing automatic insurance claims, digital identity, and verification along with financial concierge services.

The immutable public ledger helps in identification and keeps personal information safe. Also, financial asset management services using big data and AI become possible on this network. Overall, it can help in automating some strenuous tasks for businesses and digitize their entire infrastructure.

A company official commented:

“Nexfinance is a platform that allows the easy application of new IT technologies and various external solutions, allowing financial institutions to actively and flexibly respond to a rapidly changing financial IT environment. We provide the highest level of security by applying technology for forgery and falsification prevention and joint authentication based on blockchain technology.”

They have, previously, been involved in using DLT. Nexledger, its B2B distributed ledger platform was launched last year. The company also worked on Samsung’s credit card subsidiary and created a similar project for the Seoul Metropolitan Government.

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