Axlacor Claims Fresh Blockchain Technology Breakthrough

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London-based Axlacor, the financial technology specialist developer, has just announced they have made a major breakthrough in Blockchain technology that enables the creation of secure universal order, trade booking and settlement systems capable of processing millions of transactions a second.

This development is in direct response to an increasing need among banks and financial institutions to operate far more efficient, cost effective and integrated IT systems than at present. The Axlacor team has a proven track record of working within investment banks replacing legacy IT systems with more universal and cost effective solutions.

Axlacor’s NEON is an innovative system enabling banks and other financial institutions to replace current internal booking systems, their post-trade and detailed compliance requirements in a format capable of being fully integrated into other existing IT operations. 

A major focus of the new product is on new and existing techniques to analyse and detect rogue traders within a bank. Michael Kunstel, founder and CEO of Axlacor says:

“We believe that if an integrated system like NEON was in place years ago the Libor scandal would not have occurred. NEON gives users the ability to process literally millions of transactions and trades every second but it also allows wide, but secure, access to the system that would enable compliance departments and regulators instant analytics. This can ensure ‘rogue traders’ activities are flagged up extremely quickly – both internally and externally.”

Kunstel was formerly the architect and team leader of pre-trade, post-trade and transaction cost analysis systems at a major international bank. He also designed and built a global FX option risk system for another bank. The Axlacor team comprises individuals with deep knowledge of investment banking and their IT systems. With further experience in compliance and regulatory requirements, the team at Axlacor understands the business logic and fine detailed requirements of modern banking systems.

NEON provides the following features:

  • It utilizes innovative Blockchain peer-to-peer/distributed ledger technology, which can store, process and run analytics on multiple types of specialist data within a bank.
  • It can replace banks’ booking, regulatory and compliance systems within a single package.
  • It includes business logic with the goal of replacing existing legacy IT systems used within banks.
  • Able to satisfy many of the fine detailed requirements of existing banking systems.
  • “Cross asset” – It can be used for equities, FX, commodities, fixed income and more.
  • It allows millions of transactions per second.
  • Multiple levels of banking grade security are built in.
  • It provides selective sharing and Chinese walls of classified data.
  • It includes systems for improved detection of rogue traders.

Axlacor is focused on the replacement of multiple redundant legacy systems with a single package utilising the latest technology. It is estimated the potential costs savings of the scheme could run into the hundreds of millions of dollars.

Today’s world is all about reducing costs and risks within a bank. Many financial institutions have identified their IT departments as just cost centres and are therefore outsourcing most IT services abroad to lower skilled and cheaper regions.

Axlacor employs the best highly skilled banking IT specialists available in Europe. “Banks can reduce costs and still have the best experienced local staff by utilizing economies of scale,” says Kunstel.

Axlacor aims to form a consortium of banks to assist in building standardized, common replacement systems. NEON allows banks to focus their budgets on being competitive in their primary business.

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Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.