Manifold Technology puts bank reward system on blockchain
Everybody likes a David and Goliath story and Manifold Technology has authored the latest one in the world of fintech.
The California-based cybersecurity startup recently deployed their platform into production before IBM, and as a result put RBC’s reward program on the blockchain, CEO Chris Finan said.
“What’s exciting is we are finally getting attention for our production. With a large-scale deployment at a bank, a little startup achieved what IBM wasn’t able to.”
Mr. Finan said Manifold Technology’s partnership with RBC is unique and provides a good case study in how large institutions can work with early stage companies in a positive way. Over 18 months RBC allowed Mr. Finan’s team excellent access and the early production is a testament to how RBC helped push things forward.
Mr. Finan credited RBC with being one of the first to see the blockchain’s potential. They were also patient as they recognized this partnership would break new ground and baselines needed to be created. But there were also challenges, as any solution had to work at scale, with Manifold Technology eliminating unnecessary elements as they sought to synchronize transaction data.
RBC never wavered from their goal for the collaboration, Mr. Finan added.
“To their credit, from the beginning it was about how to leverage new technology to improve their clients’ experience. RBC wanted a user-centric design approach, and when we saw they were interested in leveraging technology to improve the client experience it was natural blend with Manifold Technology.”
Manifold Technology is well-positioned to take that flexible approach, Mr. Finan explained.
“Our solution is not the blockchain in its unadulterated, purist state. Manifold Technology is an enterprise platform that shares the same data structure as the blockchain and the same mathematical underpinnings. But it’s not the public blockchain – it’s an enterprise lent to fine tuning the platform over time to address industry requirements.
“It’s that flexibility and pragmatism that made this work.”
The solution developed with RBC is an important first step in a field ripe with possibilities, Mr. Finan said. Payments mechanisms, additional rewards programs and the blending of different assets to produce innovative marketing pushes are some examples.
“The technology makes new and more interesting engagements much easier,” Mr. Finan said.