Yesterday B3i, the blockchain firm backed by twenty major insurers, announced that Ritablock has integrated with the B3i Fluidity technology platform. B3i intends its core blockchain infrastructure to both support internally developed solutions and third party ones, and this is the first external solution to be integrated.
Ritablock is a technical accounting solution that integrates with existing mainstream reinsurance accounting platforms such as PRORIS, SAP FS-RI and SICS. Using blockchain for integration should help to automate reconciliation processes, which usually is a huge time cost. The solution comes from German insurance consulting firm consurance, which has a background in technology solutions, including as an integrator of SAP Reinsurance Management.
“Ritablock’s partner application will give our customers the ability to seamlessly integrate their existing off-ledger Reinsurance systems with a DLT-native ecosystem,” said John Carolin, B3i CEO. “This provides our customers with access to a wider network of their peers, the ability to transfer data securely, using a common language, and a more efficient way of doing business.”
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