September 12, 2018

Dallas, TX and London, UK – Enterprise BlockChain Solutions (EBCS) is proud to announce the availability of Abiko Intercompany prototype at R3 Marketplace as of September 12, 2018. Abiko was built to demonstrate how enterprises can utilize blockchain to easily resolve Intercompany reconciliation, netting and settlement issues, reduce manual labor, save costs, and provide real time visibility to intercompany balances across the entire organization. Abiko is built on Corda, the blockchain platform for businesses, created by R3.

“Abiko proves how easily blockchain can be harnessed to serve Finance organizations in areas that until now have required accountants to work long hours, especially during month end close, reconciling and settling transactions within one corporation. There really should not be any friction in intercompany transactions, but everything should be seamless from the initial order till the final settlement. Abiko proves that a seamless end-to-end process can be achieved with blockchain”, summarizes CEO Jaana Simula.

CTO Chris Miller emphasizes: “Corda has proven to be everything that we expected from an enterprise level blockchain platform. Completing Abiko prototype is an important step in building our future products, with Abiko as a stand-alone product, and as the foundation for our future applications targeting to disrupt Corporate Finance“.

The name Abiko was selected to symbolize an application that is specifically targeted for Finance organizations, “Abako in Basque is abacus. Abiko is a variation on the spelling which still carries a connotation of abacus while not having a direct meaning”, explains Keri Miller of Blackprint Design. Abacus is also reflected in the simple, yet powerful logo.

About Enterprise BlockChain Solutions

Enterprise BlockChain Solutions is blockchain early adopter, though leader and distributed ledger application development company specialized in Corporate Finance. EBCS is the first company in R3 partner network outside of the initial consortium, and R3 authorized Corda training provider. For more information or to schedule a private demo, email info@enterpriseblockchainsolutions.com.

About R3

R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, an open-source blockchain platform, and Corda Enterprise, a commercial version for enterprise usage.