Samsung SDS on Monday unveiled a financial platform powered by blockchain, artificial intelligence (AI) and intelligent process automation designed to facilitate financial companies in digital transformation.

The new platform, dubbed Nexfinance, will offer services such as digital identity, finance concierge, AI virtual assistant, and automatic insurance payment.

Nexfinance, an open platform to allow clients to apply third-party solutions, will help financial companies respond to a fast-changing financial IT environment in an agile and flexible manner, Samsung SDS said.

The blockchain-based digital identity service helps protect customer information, while finance concierge uses AI and big data analytics to help clients manage their assets.

The AI assistant and automatic insurance payment is able to process insurance claims without manual work to ensure fast and convenient services for customers.

The platform applies forgery prevention and joint authentication technology based on blockchain technology to provide the highest level of security, the company said.

Samsung SDS is currently involved in a project to form a blockchain-based ID authentication infrastructure for the Korea Federation of Banks. Samsung Card, a credit card unit of Samsung Group, was Samsung SDS’ first client to introduce blockchain-based financial infrastructure.

By Seo Dong-cheol and Minu Kim

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