Codebase Technologies: Demystifying Digital Financial Services through Blockchain Architecture

Raheel Iqbal, Managing Director

Raheel Iqbal

Managing Director

Continuing from last year's buzz and the entrance of regulators, blockchain is poised to evolve even further. Enterprises can track transactions with greater confidence and security, and blockchain adoption completely distinct from the cryptocurrency hype or doom is steadily gaining in enterprise environments. Pioneer in the digital banking space Codebase Technologies, headquartered in Dubai develops various proven and implemented technologies to support institutions with industry agnostic core banking solutions. The company operates as an R&D arm, that enables any business to pursue its ambitions for a digital bank with blazing operational performance and seamless customer experience at a fraction of the time and cost.

“Codebase Technologies has taken the most appropriate concepts of blockchain and applied them to its already existing product suite to ensure the best of breed performance and reliability. By incorporating the value that blockchain brought in terms of a distributed ledger system and their transparencies, our technologies underlying principles adopt the same”, explained Raheel Iqbal, Managing Director Codebase technologies.

Advancement of Technology in Banking Sector
Industries are starting to rely more and more on technology than they did a few years ago. Due to the cost efficiency and convenience that these technologies offer, businesses of
all scales are now reliant on software based services to improve their overall performances. “At Codebase, we educate our partners and clients on the benefits of having blockchain based systems within their tech ecosystems and then we prove to them their benefits”, said Raheel. The company offers a highly robust and scalable open architecture framework and flagship platform ensemble Digibanc. It is a comprehensive one stop shop bank which gives Codebase Technologies the key to unlock the true potential of the new era digital financial ecosystem. Codebase Technologies’ solutions ensure optimal business performance and enhanced customers experience. By allowing the technology to not only be flexible and cost effective but assure reliability all industries that Codebase Technologies caters to can benefit from the same standardized distributed ledger methodology for robust data integrity and immutability.

Codebase Technologies’ products and services are capable of modular and containerized operations

However, these benefits come with lots of challenges. The resistance that customers face is for reconciliations performance and implementation integrity. Codebase Technologies’products and services are capable of modular and containerized operations which not only can be deployed quickly but can also maximize efficacy with cost constraints in mind. The company’s solutions provide its customers with the comfort that the expected and intended operations of the solution are as per the business requirements that are set by them. Additionally, Codebase Technologies’ systems are highly flexible and allow the customers the comfort of customized solutions that are cost friendly and attract zero interruptions to the BAUs with changes being conducted on the fly in run time.

Codebase technologies helped setup Bahrain’s first digital bank at a fraction of the cost its competitors were operating with. With 1/16th of the budget and within 3.5 months end to end setup and integration was possible, intrinsically setting a record within the technology space for the fastest and cleanest end-to-end digital bank deployment within the region. The project was so successful that the bank observed a 60 percent increase in new account opening through the digital channels 70 percent in customer acquisition cost reduction and so on. Furthermore, in the near future, Codebase Technologies aspires to develop and deploy its cutting edge technology to at least 20 countries by 2022. Also the company is planning to develop various solutions for the BFSI, healthcare and government industries and hopes to set benchmarks with their technologies that aim to disrupt and challenge the norms.