Smart Dubai Office has signed a memorandum of understanding with Avanza Solutions, a company that specializes in delivering IT products, solutions and services to financial institutions. The memorandum was signed in order to implement a citywide blockchaing-based payments platform.
As part of their Accelerators program, Avanza Solutions’ blockchain platform Cipher was selected by Smart Dubai to deliver a project to come up with an instant reconciliation and settlement platform to Smart Dubai Office for DubaiPay payment platform. The Cipher platform will enable the financial institutions to to process instant payments and reconciliations across its network, in order to create a streamlined process for more efficient and effective service.
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