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Blockchain tech wins big at FSS Payments Productathon

July 18, 2017

Indian payments and fintech provider FSS has announced the winners of the FSS Payments Productathon 2017.

FSS hosted the event in association with India's National Association of Software and Services Companies and TiE, Chennai, a nonprofit association dedicated to fostering entrepreneurship.

Participants were presented with multiple project themes, including IoT, smart cities, mobility, cloud payments, bot/AI, blockchain, and cash and cardless world.

The winning team was Trektics, a treasury management system designed to address payments issues such as delayed settlements, counter-party authentication problems, untraceable intermediaries and database inefficiency.

The system uses permissioned blockchain technology and Hyperledger Fabric 1.0 to create a platform with smart contracts and zero knowledge-proof features.

Pally, the first runner up, is a tax saver chatbot that advises people on tax-saving investments by reading their pay slips.

The second runner up used IoT to assist in the selling and cross-selling of banking products.

"Digital payments is the most exciting space today," Suresh Rajagopalan, FSS president of software products, said in the release. "While on the one hand retail banking technology is changing constantly, on the other wholesale banking customers are demanding faster, simpler and secure payment solutions. Many of the ideas presented have the capacity to disrupt and define the future of digital payments in both retail and wholesale banking space. We are quite excited to work on transforming them into products that we can offer our clients."