Asset tokenization transforming global finance

Real world asset tokenization can transform financial markets

Integration with Distributed Ledger Technologies is critical to realizing the full potential of tokenization.




    Asset tokenization transforming global finance

    Do you trust your data?

    Data driven organizations are ensuring that their Data assets are cataloged and a lineage is established to fully derive value out of their data assets.

    The global financial markets create and deal in multiple asset classes, including equities, bonds, forex, derivatives, and real estate investments. Each of them constitutes a multi-trillion-dollar market. These traditional markets encounter numerous challenges in terms of time and cost which impede accessibility, fund liquidity, and operational efficiencies. Consequently, the expected free flow of capital is hindered, leading to fragmented, and occasionally limited, inclusion of investors.

    In response to these challenges, today's financial services industry seeks to explore innovative avenues, leveraging advancements such as Distributed Ledger Technology (DLT). Using DLTs, it is feasible to tokenize assets, thus enabling issuance, trading, servicing and settlement digitally, not just in whole units, but also in fractions.

    Asset tokenization is the process of converting and portraying the unique properties of a real-world asset, including ownership and rights, on a Distributed Ledger Technology (DLT) platform. Digital and physical real-world assets, such as real estate, stocks, bonds, and commodities, are depicted by tokens with distinctive symbols and cryptographic features. These tokens exhibit specific behavior as part of an executable program on a blockchain.

    Many domains, especially financial institutions, have started recognizing the benefits of tokenization and begun to explore this technology. Some of the benefits are fractional ownership, increased liquidity, efficient transfer oof ownership, ownership representation and programmability.

    With the recent surge in the adoption of tokenization, a diverse array of platforms has emerged, paving the way for broader success, but at the same time creating fragmented islands of ledgers and related assets. As capabilities mature and adoption grows, interconnectivity and interoperability across ledgers representing different institutions issuing/servicing different assets could improve, creating a better integrated market landscape. This would be critical to realizing the promise of asset tokenization using DLT.

    Read our Perspective Paper for more insights on asset tokenization and its potential to overcome the challenges, the underlying technology, successful use cases, and issues associated with implementation.

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      How Low-code Empowers Mission-critical End Users

      How Low-code Empowers Mission-critical End Users

      Low-code platforms enable rapid conversions to technology-managed applications that provide end users with rich interfaces, powerful configurations, easy integrations, and enhanced controls.




        How Low-code Empowers Mission-critical End Users

        Do you trust your data?

        Data driven organizations are ensuring that their Data assets are cataloged and a lineage is established to fully derive value out of their data assets.

        Many large and small enterprises utilize business-managed applications (BMAs) in their value chain to supplement technology-managed applications (TMAs). BMAs are applications or software that end users create or procure off-the-shelf and implement on their own; these typically are low-code or no-code software applications. Such BMAs offer the ability to automate or augment team-specific processes or information to enable enterprise-critical decision-making.

        Technology teams build and manage TMAs to do a lot of heavy lifting by enabling business unit workflows and transactions and automating manual processes. TMAs are often the source systems for analytics and intelligence engines that drive off data warehouses, marts, lakes, lake-houses, etc. BMAs dominate the last mile in how these data infrastructures support critical reporting and decision making. 

        While BMAs deliver value and simplify complex processes, they bring with them a large set of challenges in security, opacity, controls collaboration, traceability and audit. Therefore, on an ongoing basis, business-critical BMAs that have become relatively mature in their capabilities must be industrialized with optimal time and investment. Low-code platforms provide the right blend of ease of development, flexibility and governance that enables the rapid conversion of BMAs to TMAs with predictable timelines and low-cost, high-quality output. 

        Read our Perspective Paper for more insights on using low-code platforms to convert BMAs to TMAs that provide end users with rich interfaces, powerful configurations, easy integrations, and enhanced controls.

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          The State of Central Bank Digital Currency

          The State of Central Bank Digital Currency

          Innovations in digital currencies could redefine the concept of money and transform payments and banking systems.




            The State of Central Bank Digital Currency

            Do you trust your data?

            Data driven organizations are ensuring that their Data assets are cataloged and a lineage is established to fully derive value out of their data assets.

            Central banking institutions have emerged as key players in the world of banking and money. They play a pivotal role in shaping economic and monetary policies, maintaining financial system stability, and overseeing currency issuance. A manifestation of the evolving interplay between central banks, money, and the forces that shape financial systems is the advent of Central Bank Digital Currency (CBDC). Many drivers have led central banks to explore CBDC: declining cash payments, the rise of digital payments and alternative currencies, and disruptive forces in the form of fin-tech innovations that continually reshape the payment landscape.

            Central banks are receptive towards recent technological advances and well-suited to the digital currency experiment, leveraging their inherent role of upholding the well-being of the monetary framework to innovate and facilitate a trustworthy and efficient monetary system.

            In 2023, 130 countries, representing 98% of global GDP, are known to be exploring a CBDC solution. Sixty-four of them are in an advanced phase of exploration (development, pilot, or launch), focused on lower costs for consumers and merchants, offline payments, robust security, and a higher level of privacy and transparency. Over 70% of the countries are evaluating digital ledger technology (DLT)-based solutions.  

            While still at a very nascent stage in terms of overall adoption for CBDC, the future of currency promises to be increasingly digital, supported by various innovations and maturation. CBDC has the potential to bring about a paradigm shift, particularly in the financial industry, redefining the way in which money, as we know it, exchanges hands.

            Read our perspective paper to learn more about CBDCs – the rationale for their existence, the factors driving their implementation, potential ramifications for the financial landscape, and challenges associated with their adoption.

            Download Perspective Paper




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              Quality engineering for Blockchain-DLT platform

              Quality engineering for Blockchain-DLT platform

              Banking & Financial Services

              Next-gen Quality Engineering for Blockchain-DLT platform

              Quality engineering implementation helps a digital financial services client smooth the legacy migration of its Blockchain-DLT (Digital Ledger Technology) platform by advancing automation coverage and patch delivery efficiencies.

              Client

              A leading digital financial services company

              Goal

              Blockchain- DLT platform assurance with improved automation coverage

              Tools and technologies

              Amazon Elastic Kubernetes Service (EKS), Azure Kubernetes Services (AKS), Docker, Terraform, Helm Charts, Microservices, Kotlin, Xray

              BUSINESS CHALLENGE

              The client's legacy DLT platform did not support cloud capabilities with the Blockchain-DLT tech stack. The non-GUI (Graphic User Interface) and CLI (Command Line Interface)-based platform lacked the microservices architecture and cluster resilience. The REST (Representational State Transfer) APIs-based platform did not support platform assurance validation at the backend. Automation coverage for legacy and newer versions of the products was very low. Support for delivery patches was insufficient, impacting the delivery of multiple versions of R3 products each month.

              SOLUTION

              Iris developed multiple CorDapps to support automation around DLT-platform functionalities and enhanced the CLI-based & cluster utilities in the existing R3 automation framework. The team implemented the test case management tool Xray to improve test automation coverage for legacy and newer versions of the Corda platform, enabling smooth and frequent patch deliveries every month. The quality engineering process was streamlined for the team's Kanban board by modifying the workflows. Iris also introduced the ability to execute a testing suite that could run on a daily or as-needed basis for AKS, EKS, and Local MAC/ Windows/ Linux cluster environments.

              OUTCOMES

              The Blockchain-DLT reliability assurance solution enabled the client to attain:

              • Improved automation coverage of the DLT platform with 900 test cases with a pass rate of 96% in daily runs
              • Compatibility across AWS-EKS, Azure-AKS, Mac, Windows, Linux, and local clusters
              • Increased efficiency in deliverables with an annual $35K savings in the test case management area

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              Test Automation Speeds Model Risk Management System

              Test Automation Speeds Model Risk Management System

              Banking

              Test Automation Speeds Model Risk Management System

              Automated testing for a top international bank's model risk management system brings efficiency and reliability.

              Client

              Top international bank

              Goal

              Fully automate the model risk management system framework to improve quality and confidence in testing results

              Tools and technologies

              Java, Selenium, Maven, TestNG, Git

              BUSINESS CHALLENGE

              The client's existing model risk framework was inefficiently handling functional testing aspects and risk scenarios due to lack of an end-to-end testing framework. Built on redundant, hard-to-debug, and non-scalable code, the system was unreliable for model risk testing. Test cases and controls were maintained and executed in Excel, eliminating parallel workflow abilities, tempering testing results, contributing to increased testing efforts and even delaying production launches in some cases. Scalability of testing using automation, running data-driven, end-to-end test flows, and restoring confidence in test results were the client's prime challenges.

              SOLUTION

              Iris built a lightweight and scalable new framework, providing 100% automated regression testing of functional test cases. Using simplified, customizable code that separated automation utilities and test functions, Iris' solution brought multiple improvements. Among them was faster test execution due to significantly reduced manual efforts. It also resulted in better quality and stability from the early identification of testing issues, enabling immediate corrective actions to occur. Another advantage of the solution was adaptability to multiple application areas due to ease of maintainability and traceability of code employed.

              OUTCOMES

              The client experienced several positive effects from the new, fully-automated solution:

              • Acquired a 100% stable, scalable, reusable test framework
              • ROI of 72%; payback period of less than 8 months
              • 20% reduction in testing efforts for faster time to market
              • Significant decrease in time required for ongoing maintenance of test scripts

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              Tech stack automation expedites script development by 3x

              Tech stack automation expedites script development by 3x

              Manufacturing

              Tech stack automation expedites script development by 3x

              Manual processes across the multi-technology stack were severely affecting the script development cycles in terms of time, effort and cost. Iris application agnostic Test Automation framework and DevOps integration helped the client reduce the script development time and cost significantly.

              Client

              A leading building supplies manufacturing company

              Goal

              To support 30+ applications stack for UI, E2E, APIs, performance, mobile automation along with DevOps pipeline integration

              Tools and technologies

              .NET Core, PeopleSoft, Salesforce, WMS, JavaScript, Angular, Foxpro, C#, Selenium, SpecFlow, RestSharp, Nunit, Mobile Center/Emulators, Allure, Jira, Azure Pipeline, GitHub

              BUSINESS CHALLENGE

              The client had technology stacks comprising of diverse technologies that were difficult to manage. Substantial manual effort and time were spent on integrating the checkpoints, elongating the development process. Validating end-to-end business flows across different applications was the prime challenge. Reporting processes were also scattered across the entire application stack, making it vulnerable.

              SOLUTION

              Iris developed a robust application agnostic Test Automation framework to support the client’s multiple-technology stacks. Following the Behavior-driven Development (BDD) approach to align the acceptance criteria with the stakeholders, we built business and application layers of the common utilities in the core framework. Our experts identified E2E business flows to validate the downstream impact of the change and automated the entire stack through the shift-left approach. Azure DevOps integration enabled a common dashboard for reporting. The client attained complete version control to track production health and enforce strong validations.

              OUTCOMES

              Iris Automation solution enabled the client to surpass several business goals. The key outcomes of the delivered solution included:

              • ~65% Increase in automation coverage
              • 100+ Pipelines for in-scope applications across multiple environments
              • 3700+ Test Automation scripts execution per sprint cycle achieved across applications
              • 3X Faster script development of behavior-driven test cases 
              • Multi-day manual test effort reduced to a few hours of automated regression 
              • 70% Reduction in effort

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              IT modernization boosts Insurance customer base

              IT modernization boosts Insurance customer base

              Insurance

              IT modernization boosts Insurance customer base

              Existing applications and business systems of a Fortune 500 Insurance Carrier were inadequate to meet customer expectations. Iris business systems transformation solution enabled the client to deliver a consistent customer experience, improving acquisition and retention significantly.

              Client

              A leading American Fortune 500 Insurance Services Provider, offering insurance, investment management and other financial products and services across the Americas and 40 other countries

              Business Drivers

              To advance business agility and customer experience through modernized business systems

              Technologies and Frameworks

              C#/.NET, JAVA, DevOps, Python, NodeJS, App Services, Managed Application Support

              BUSINESS CHALLENGE

              The client’s existing business applications, systems, and support services were in stasis and not delivering the much-needed value to the insurer and end customers. Due to the lack of enterprise application portfolio strategy, business functions were onboarding applications in a silo. The net impact was that the insurer’s revenue and market share decreased. Longer turnaround times and outdated UI were discouraging customers. On the other hand, prospective customers were also opting for modernized options available in the market.

              SOLUTION

              Iris delivered app development and managed services across Annuities, Life Insurance, Group Insurance, Retirements and the Global Enterprise Service groups that decide the platform for all business units. Our services spanned around Enterprise Collaboration portal, Financial Wellness platform, Mutual Fund platform modernization, Oracle EBS development and support, and Retirement Annuities platform management. We also executed a scaled Agile program and ran multiple Scrums within the enterprise development and support landscape. Iris tech experts established DevOps and scaled Agile Framework within the client organization and enabled a team of over 150 professionals globally to support business operations 24X7.

              OUTCOMES

              Iris has been working around the application portfolio for over three years. We have helped the client deliver an exceptional experience to employees and end customers through active service support. Key outcomes of the delivered solution included:
              • Infrastructure availability increased to 99%
              • Optimized maintainability reduced the KYC process time by 75% 
              • Customer response time cut down by around 40% 
              • Promoter score incremented from 5 to 9 out of 10 
              • Customer retention improved by nearly 80% 
              • Customer acquisition increased by 65%

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              Cloud transformation increases business agility

              Cloud transformation increases business agility

              Standards & Membership

              Global Standards organization increases business agility

              Existing applications supporting the business were built on monolith architecture with high technical debt. Iris transformed over 15 years old monolith applications into microservices with automated integration and cloud deployment to deliver faster MVPs.

              Client

              A non-profit global organization responsible for developing and maintaining standards, including barcodes with over 115 local member organizations and over 2 million user companies

              Business Drivers

              To deliver MVPs in shorter cycles, reduce Mean Time for Ticket Resolution (MTTR), and lower the total cost of ownership

              Tools and technologies

              C#/.NET Core, Python/DJango, NodeJS/Express, Azure WAF, Azure APIM, App Services, Azure Kubernetes Service, Azure Monitor, Application Insights

              Global Standards Business Challenge

              BUSINESS CHALLENGE

              The client had a suite of legacy applications to generate barcodes that are scanned globally over 6 million times a day. These applications were built on monolithic architectures using heavy-weight application servers and outdated technologies. This architecture was causing long development cycles, making the organization less competitive. Developers’ productivity was also dropping due to high technical debt.
              Global Standards Cloud Solution

              SOLUTION

              Azure cloud offered some of the foundational features like container orchestration, app engine, integration, API gateway, monitoring and others, making cloud-specific modernization a natural choice.

              Modernization strategy involved reverse engineering of on-premise applications, domain-specific grouping the product backlogs by, adopting domain-driven design, and using open source cloud-friendly software with CI/CD pipeline. We transformed the applications to a .NET core framework using cloud-native design principles on Azure cloud. The solution was developed using Azure App Services, front door and service bus following the agile development approach with two-week sprints.

              Global Standards Cloud Outcomes

              OUTCOMES

              Iris helped the client realize multiple business benefits, including higher agility, resiliency and cost-efficient IT operations. Key outcomes of this cloud modernization engagement are:

              • Reduction in Mean Time for Ticket Resolution (MTTR) by 30%
              • Increase in application and infrastructure uptime to 99.9%
              • Real-time visibility of application and infra metrics
              • Enabled bi-weekly MVP delivery

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              Pandemic pivot from physical to online tests

              Pandemic pivot from physical to online tests

              Education

              Pandemic pivot from physical to online tests

              System modernization helped a multinational educational testing and assessment organization overcome COVID-19 disruptions to deliver seamless and accurate digital testing.

              Client

              A leading U.S.-based educational testing and assessment services company

              Goal

              Switch from in-person to online testing

              Tools and technologies

              AWS Serverless, Dynamo DB, Node.js, Typescript, Java, Jenkins, and Angular

              BUSINESS CHALLENGE

              Our client, which provides educational testing and assessment services, faced an existential threat with the pandemic-era lockdowns and social distancing
              requirements. The testing centers it operated at physical locations were unable to open, leaving thousands of students worldwide in a state of uncertainty. 
              Our client had to switch from in-person testing centers to a digital-first or online
              testing solution almost overnight. To achieve that, it had to migrate rapidly from legacy systems to the cloud. It also needed to ensure the sanctity and accuracy of its tests while delivering a seamless digital experience to its customers. Other challenges included the ability to dynamically scale up or scale down capacity in response to demand, maintain acceptable service levels, and enable thousands of
              expert test raters’ to access and evaluate tests.

              SOLUTION

              Iris Software stepped in to facilitate a strategic digital pivot in the business model to secure the company’s future. Modernization efforts that were underway at the company even before the pandemic were accelerated as a digital upgrade became imperative. We shifted the data stored on legacy infrastructure was to the cloud. Our team developed a new testing interface that would work overnight across devices, geographies, and different internet connections. Switching the testing operations to the cloud with scalable capacity could help manage the surge in the number of users for the tests Iris also deployed automation and AI tools to deliver superior experiences for test raters. Those who faced challenges while attempting to grade tests were provided with an always-on AI-based solution to automate the troubleshooting and ticketing process.

              OUTCOMES

              The client now has scalable, digital-first testing capabilities to meet all its testing requirements.

              • Cloud-based testing ensures that students, evaluators, and employees have access on-demand.
              • The remote testing options are accurate, secure and safe from external threats.
              • A strong focus on automation and user experience has allowed for optimized online offerings.
              • Surges in demand for tests can be met rapidly and at scale with minimal intervention.
              • Thanks to the always-on cloud offerings, service levels are easily maintained.
              • The successful digital pivot has led to strong interest in a hybrid operating model to safeguard the business from threats in the future.

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              Release automation reduces testing time by 80%

              Release automation expedites releases, cuts testing time, and improves product quality for leading marketing company.

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              The power of in-sprint automation

              The power of in-sprint automation

              Automation

              The power of in-sprint automation

              A large securities firm sped up time-to-market with end-to-end test automation on the cloud.

              Client

              A leading securities trading firm.

              Goal

              Build a cloud-based automation framework to test client’s trading platform.

              Tools and technologies

              C#, Ranorex, TestRail, Simulators and Selenium.

              BUSINESS CHALLENGE

              The client had a legacy trading platform that had grown and evolved over time. The platform consisted of a stack of 33 applications, built on a variety of technologies and architectures. Testing new features and additions was proving to be a big challenge. A simple change in one feature would warrant a verification of the complete application. To ensure that any change does not affect other functionality, the client needed to do extensive regression testing and verification. This was a cumbersome process with over 20,000 or 30,000 test cases being checked and executed manually. The trading firm had to deploy over 20 people to carry out this exercise. The client had tried to automate the testing process with a variety of tools but was not able to get the efficiencies it wanted. In addition, the client had multiple squads working on different apps, functionality and features. Each squad used its own automation suite. It was becoming a challenge to co-ordinate the work of the different squads and ensure that changes made by a squad did not impact the overall functionality of the platform. Iris’s brief was to design and deploy a common cloud-based test automation framework for the client’s trading platform to ensure that it could launch new features faster.

              SOLUTION

              Using its cloud-based ready-to-deploy test automation framework, Iris sped up the deployment of new features for the client’s trading platform. The cloud solution, based on Amazon Web Services (AWS), featured continuous testing of multiple products on a common framework layer. It allowed for complete capacity planning of spinned cloud instances and need-based shutdowns. Iris executed the project using acceptance test driven development (ATDD), a methodology that involves collaboration between customers, business teams and development teams. The teams jointly created the user stories and put down the acceptance criteria for any feature or functionality. Then tests were designed within the common framework to check if the feature met the acceptance criteria. What was unique about the approach? Typically, automation is introduced towards the end of a development cycle. You would find that, in most projects, developers bring in automation in Sprint 4 for features developed in Sprint 1, 2 and 3. As a result, return on investment isn’t maximized. Our team introduced ‘in-sprint’ automation, enabling 90% test automation with every sprint. This resulted in more efficient and faster testing, and cost savings for the client.

              OUTCOMES

              The client’s deployment speed improved significantly with 90% faster execution in each sprint cycle and 80% faster script development. The cloud-based solution is 100% configurable for on-demand execution on AWS, which reduced the client’s cloud infrastructure costs by 70%. The new ability for complete capacity planning through the use of infrastructure-as-code (IaC) for spinning up cloud instances helped the client achieve end-to-end (E2E) automation of regression/ functional test cases.

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              Quality engineering for Blockchain-DLT platform

              Digital financial services company increased automation coverage and patch delivery efficiencies with quality engineering.

              Learn more

              Test Automation Speeds Model Risk Management System

              Automated testing for a top international bank’s model risk management system speeds efficiency and reliability

              Learn more

              Contact

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