Monday, June 24, 2024

valantic FSA partners with dwpbank on digital assets platform launch

Deutsche WertpapierService Bank AG (dwpbank), Germany’s leading provider of securities services, has successfully launched the “wpNex” platform for digital assets and conducted pilot transactions with crypto assets for retail customers.  The platform was developed with valantic FSA providing the underlying automation and integration technology. The launch of wpNex enables 1,200 banks and savings banks in Germany to develop opportunities to trade digital assets for themselves and their customers. The first component of the wpNex platform is an offer for trading cryptocurrencies, and the pilot transaction based on Bitcoin has been successfully completed. wpNex will be gradually expanded so banks and savings banks connected to dwpbank can include the regulated trading of other digital assets in their services for retail customers.

“To participate in these new markets… (banks) augment their existing core systems with our automation technology, providing them with an efficient low-code modular business solution”

Joachim Lauterbach, CEO, valantic FSA

The valantic automation platform allows existing core banking systems of affiliated banks to connect with the trading system of the execution broker (Bankhaus Scheich), the wallet provider (Tangany) and the settlement service provider (dwpbank). This enables an automated workflow between the parties, allowing each bank to provide customers access to cryptocurrency trading through their existing systems. The valantic automation platform allows the aggregation of customer transactions into omnibus wallets to net and settle them there. This dramatically reduces the cost per transaction, which is usually a two-digit euro amount per transaction on the blockchain. That way, thousands of transactions from customers of connected banks will be aggregated into a single blockchain transaction between the omnibus wallet and the execution broker, reducing the cost to the ones of a single transaction. valantic has thus made it possible to both build a bridge between existing banking architecture and the new world of digital assets and to provide the entire data integration that can significantly reduce the cost of processing the transaction. As a result, wpNex allows any affiliated bank to offer its customers the opportunity to trade digital assets via its existing infrastructure easily and inexpensively.

“Regardless of how the market for cryptocurrencies will continue to develop: digitized values will become increasingly important in the future. That’s why we’re expanding our range of services in this area and gearing our portfolio more closely to the future opportunities that are available here,” says Dr. Heiko Beck, CEO of dwpbank.

“valantic FSA has a long and successful track record in electronic trading and transaction automation – which is also applicable to crypto assets” notes Joachim Lauterbach, CEO, at valantic FSA. “Banks want to provide their clients with the opportunity to participate in these new markets. To do so, they augment their existing core systems with our automation technology, providing them with an efficient low-code modular business solution. We are proud to work with dwp to develop efficient solutions for the emerging digital asset market.”

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