Cybernetica and Sumitomo Mitsui Trust Bank (SMTB), in cooperation with Eltes and NEC, have started on the second phase of their collaboration, utilising Cybernetica’s UXP technology in trust banking accross the wide array of services offered by SMTB, the largest trust bank in Asia.
The first phase of the project assessed how UXP can be used to bring additional value to the financial sector services and was completed with success.
The second phase focuses on inheritance record management while also verifying compliance with Japanese information security standards. “We are honoured to collaborate with SMTB in such a critical field in Japan and humbled by the trust our partners credit to us. This project paves the way for our technologies to be used in the financial sector on a large scale, tackling the new challenges presented on data security with the demographic changes and the expectations on longetivity it sets,” said Oliver Väärtnõu, CEO of Cybernetica.
“The next phase of the project aims at envisioning the modernisation of the trust business associated with consignors’ last will and testament by digitising the whole process; during the PoC period between August and November,” SMTB representative said.
According to Riho Kurg, Head of Data Exchange Technologies at Cybernetica, the proof-of-concept is offering rewarding challenges. “Piloting UXP in trust banking services entails several critical factors for us which makes for the perfect assessment of how UXP can add value to the financial sector as a whole, as well as the ultimate test for UXP security. We are inspired by the cooperation we have with our Japanese partners and are excited to embark on the next phase of the project,” Kurg said.
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 is globally promoting its “Social Solutions Business,” which creates social value that includes stability, safety, efficiency and equity. Utilizing advanced technologies such as AI and security solutions, NEC delivers secure and hospitable financial services for people and industry throughout the world.
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.