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Finweg conducted a Proof of Concept of a 100% electronic check on blockchain technology in Argentina

It has been conducted a successful proof of concept based on blockchain technology that showed the potentials and the benefits of Finweg’s platform to manage electronic payment means, particularly applied to an electronic check model.

Finweg ran for Coelsa, the electronic clearing house for retail payments of Argentina, the first Proof of Concept based on blockhain. Some of the main banks in Argentina participated in the tests: Santander Río, BBVA Francés, Macro, ICBC and Supervielle. The proof allowed testing the life cicle of electronic checks, from check issuing to its endorsement and deposit by clients of different banks, including unbanked.

Finweg deployed its payment platform, the blockchain network nodes were configured as well as the service management systems in a testing environment at Coelsa’s premises. A fully functional system was rapidly deployed where results can be extrapolated to an equivalent production environment.

The proof demonstrate the viability of running a whole electronic check process in real time with blockchain technology, providing immediate information to all players in the process. It also showcased the importance of having each bank managing its own processes and Coelsa supervising the interbanking operations, guaranteeing the implementation of the regulations defined by the Central Bank.

Finweg’s platform is the solution for the accelerated process of digital transformation in which financial entities are involved. It helps to manage in a different way payment means like checks, promissory notes, international wire transfers, direct debits, etc., providing significant benefits such as: operational and costs simplification, clearing and settlement time reduction, liquidity and capital improvement, or fraud elimination.

About Finweg

At Finweg, we develop new Digital Payment Solutions on Blockchain technology to facilitate the offer of services provided by financial institutions.

We have more than 20 years of experience in the development and implementation of technology and solutions for payment processing, covering the entire process in high production environments in Spain, Latin America and the USA.

About COELSA

COELSA is the electronic clearing house for retail payments of Argentina. Its mission is to provide electronic clearing services and value-added retail payment means for its financial entities clients, with increasing quality, efficiency and security. Coelsa processes all financing transactions on the National Payment System.