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Cybernetica launches UXP proof-of-concept with the fifth largest bank in Japan

Sumitomo Mitsui Trust Bank, Eltes, NEC and Cybernetica launch a joint proof-of-concept to assess UXP application in a trust service platform in Japan, relying on secure data exchange possibilities of UXP which is also the core of the Estonian X-Road framework.

The project aims to assess how UXP can be utilised in trust banking as Sumitomo Mitsui Trust Bank is the largest trust company in Japan and is focused heavily on the sector, distinguished by its very long-term customer relationships and a wide range of services that range from asset management to real estate.

According to Oliver Väärtnõu, Chairman of the Board at Cybernetica, the initiative helps to gain a better understanding of how technology can benefit financial services in a complex and dynamic environment. „We are honoured to participate in this project and expect this POC to bring additional value to the financial sector,“ Väärtnõu said. „These types of services become more relevant, as longevity becomes a challenge in data security. Today we hope that the success we have seen with UXP in providing secure data exchange to Estonia and other countries can be easily utilised in trust banking as well,“ Väärtnõu added.

SMTB is determined to enhance its financial services portfolio by fully mobilising the extent of the various functions that the Sumitomo Mitsui Trust Group holds as a whole, and adding new services that would respond to the needs of the customers in „the age of a hundred year life expectancy“. The Sumitomo Mitsui Trust Group, with SMTB being the core organization, is the only Japanese bank specializing trust banking services. It has had a long track record of providing wholesale and retail clients with ‘total solutions’ in the form of synthesized services relating to banking, asset employment/management, and real estate.

NEC, raising the concept of globally promoting ‘social solution business’ by creating the social value of stability, safety, efficiency and equity, and merging advanced ICT and human knowledge, and consequently materializing an efficient and refined society, where people spend their lives cheerfully and affluently.

Eltes, hoisting a flag of creating social infrastructure to cope with risks, is providing solutions to reduce corporates’ risk exposures based on technologies relating to big data analysis.