OneConnect Takes Contracts Management into Intelligent Age through Contracts Risk Control in Whole Process
Wednesday, June 19, 2019 9:15 AM
SHENZHEN, CHINA / ACCESSWIRE / June 19, 2019 / OneConnect, a fintech unicorn and member of Ping An Group, which is one of the world's largest comprehensive financial service company, released ALFA Smart Contract Cloud Platform today. The platform uses the advanced technology of artificial intelligence and blockchain to realize the smart contracts management from end to end, and meets the needs of financial institutions for the whole contract cycle and process management. The ALFA Smart Contract Cloud Platform has now landed in ABS ecosphere, structured derivatives platform, insurance agreement deposit project and other scenarios.
At the ALFA Smart Contract Cloud Platform press conference, Mr. Ye Wangchun, the Chairman and CEO of OneConnect, summarized three pain points of traditional manual operation on contracts management. He expressed that combining the rich experience of Ping An Group in the financial industry for more than 30 years, OneConnect has built the ALFA Smart Contract Cloud Platform to adress the above industry pain points, bringing three core values to customers.
AI tech improves management efficiency and reduces operational risk
ALFA Smart Contract Cloud Platform upholds the advanced concepts of "standardization, labeling, smart, automated and streamlined". Based on the seven major financial industry contract databases of bank, fund, security, trust, leasing, futures and insurance, the Platform contains more than 1000 standard contract templates, and a label bookshelf consisting of more than 80,000 labels. In line with the end-to-end process construction, ALFA can be docked with 6 platforms to achieve 58 smart service outputs.
OneConnect has leading technology in the field of artificial intelligence and won the world's first place in the machine reading comprehension competition sponsored by Stanford University in 2018. In the ABS ecosystem scenario, ALFA Smart Contract Cloud Platform assists the ABS ecosystem in managing transaction assets up to 100 billion through 8 intelligent functional applications of 4 business modules, namely"undertaking, auditing, sales and duration".
Blockchain achieves asset tracking and avoids contract fraud risk
ALFA Smart Contract Cloud Platform utilizes the traceability and non-tampering characteristics of blockchain technology and incorporate the underlying elements of the contracted assets into the blockchain. With the help of cryptography technology, original zero-knowledge proof base and authorized encryption and decryption mechanisms, the Platform achieves the registration and tracking of underlying assets, so that stakeholders can track the real assets on the blockchain timely and clearly.
Additionally, ALFA Smart Contract Cloud Platform successfully registers the whole process of contract template invocation, generation, signing and implementation on the blockchain. As the nodes of the blockchain, the signing parties can automatically synchronize contract data, keep contract traces and achieve contract "fidelity", laying a safe and reliable trading foundation, and greatly reducing transaction risk.
OneConnect has unique advantages in the technology of blockchain, and it has a wide range of application scenarios. In 2018, the annual trading scale of Ping An blockchain exceeded 20 trillion yuan. OneConnect has 161 patent applications in the area of blockchain technology, and has won the IDC Global Blockchain Award.
Improved risk screening to meet the compliance requirements
ALFA Smart Contract Cloud Platform, which applies advanced artificial intelligence technology, can locate the risk label in the contract through the intelligent identification engine after signing the contract. Based on the internal and external data, the Platform will trigger the risk alert once the assets and institutional conditions change, so as to help institutional users quickly identify the risk and improve the level of compliance management.
OneConnect, a member of Ping An Group, is a leading technology service platform for financial services. Ping An Group is a world-leading technology-powered private financial service group. With 182 million customers and 513 million Internet users, Ping An is one of the world's largest comprehensive financial service company. Ping An ranked 7th in Forbes' 2019 Global 2000, and it ranked 29th in Fortune Magazine's 2018 Global 500 Leading Companies.
Adhering to the Group's two-pronged strategy of ''Finance + Technology'', OneConnect provides financial institutions including banks, insurers and investment companies with end-to-end solutions such as smart marketing, smart product, smart risk management and smart operation. OneConnect is committed to assisting financial institutions with their transformation into smart finance and aims to help them to increase income, efficiency and service, as well as reducing costs and risks.
Leveraging over 30 years' extensive industry experience of Ping An, OneConnect adheres to the model of ''Technology + Business'' and accurately addresses the needs of different financial institutions and has developed 10 key financial solutions in the aspects of retail banks, small and medium-sized companies, insurers and investment companies. As of 31 March 2019, OneConnect's patent applications in China and overseas totaled over 2000, among which 90% were invention patent applications.
As of 31 December 2018, OneConnect had provided services for over 3000 financial institutions, covering a spectrum of insurers, investment companies and other financial institutions.