"Okanii introduces the missing link needed to deliver true efficiency and innovation in retail payments."
Stefanini, one of the most important global providers of technology-based business solutions, announced today a partnership with the Canadian company Okanii, this partnership leverages Stefanini’s latest Toronto based innovation center which is 100% dedicated to innovation for banking technology. The goal of Stefanini, with a large expertise in the financial segment, is to start offering low-cost payment gateways.
Okanii is a leader in digital money and differentiates itself in the market by its efficiency, scalability and safety. Okanii’s virtual money solution has the capability to handle in excess of 8 million transactions per second with a fully compliant regulatory technology. The system uses high-strength end-to-end encryption, which eliminates any possibility of fraud in the transmission of data between customers, retailers, and their banks.
“One of the key differentiators of Okanii is the ability to operate large volumes of transactions efficiently, which enables the creation of new products based on micropayments, with a low transactional cost. In the case of banks, it is possible for institutions to reduce 90% of the payment infrastructure costs with the adoption of virtual currency, and open up new business models like micro-payments” said Ailtom Nascimento, vice president of Stefanini Group who is responsible for the partnership.
The Okanii solution fully integrates with any core banking ledger system including blockchain, a data structure that represents a financial accounting entry or record of any transaction. Each transaction is digitally signed in order to ensure authenticity and prevent fraud. “Okanii’s virtual money solution is the missing link to the practical applications of the blockchain protocol,” affirmed Mr. Nascimento.
Through the partnership, the Canadian company hopes to gain significant traction within the Brazilian market and expand its presence in other countries where Stefanini operates. The solution enables banks to launch their own virtual money, as well as new products that can be processed with them. Due to the business rules and controls that can be established with Okanii’s virtual money, a financial institution can define the use-case for any transaction type or funding method, ranging from intended values in an Import Letter of Credit (B2B application), all the way to a parent defining the use of a virtual wallet for their children (P2P application). “Once the values are set, the virtual money will be used just for that purpose,” said the vice president of Stefanini.
According to the CEO of Okanii, Grant Colhoun, all transactions in Okanii payment system are accomplished in real time. “With high-speed Internet, the response time of the transaction is less than one second,” said Mr. Colhoun. He also mentioned the flexibility and the use of existing infrastructure as an advantage of the solution, which can be a payment gateway for any transaction type between person-person, person-business, or business to business (B2B).
“Stefanini is an innovative company and recognized in the financial market. The sector has been facing a lot of changes and we believe that Okanii and Stefanini joined can offer a disruptive and high value solution,” said Martin Forget, (CCO) at Okanii.
In addition to operating in the finance market, Okanii is a very versatile “future-proofed” platform that has global potential in other verticals, such as Education, Health, Insurance, Telecommunications, and Retail. “Okanii has an ideal architecture for financial retail or any other sector with a massive volume of transactions. This is an area with great potential for growth in Brazil, predicts Mr. Nascimento.