D3 Labs Shakes the Business World with Seaseed, the Revolutionary Enterprise Blockchain Platform
Published 6 months ago on August 18, 2023
by Rina Kurniawan
D3 Labs, a pioneering blockchain-based fintech solution provider in Indonesia, proudly announce the official launch of their innovative Enterprise Multi-currency Financial System (EMFS) powered by Seaseed. This revolutionary platform is an essential enabler for inter-company domestic and cross-border transactions.
At the core of this groundbreaking achievement is D3 Labs’ own flagship product, Seaseed, an enterprise blockchain infrastructure developed and maintained by a team of talented tech professionals across Indonesia and Singapore. Seaseed stands out as a remarkable solution, offering cutting-edge blockchain capabilities to enterprises, enhancing the efficiency and value-transfer capabilities of global business processes.
During the Minimum Viable Product (MVP) phase, D3 Labs successfully utilized EMFS for a series of transactions in collaboration with their licensed banking partner. The objective was to assess and document the potential savings and value that Seaseed could generate for businesses adopting it.
Chung Ying, Co-CEO of D3 Labs, said in today’s global economy, businesses grapple with high transaction fees, particularly during cross-border transfers. EMFS aims to provide a cost-effective alternative by eliminating fees for domestic transfers and offering up to 70% cost savings for FX spot transactions. This cost reduction allows enterprises to allocate resources more strategically and to foster growth and innovation.
“Our unique selling proposition lies in utilizing blockchain technology to ensure secure and transparent transactions, leading to unprecedented efficiency and value for enterprises. By integrating seamlessly with blockchain, our platform becomes a game-changer in enterprise operations. Additionally, we enable direct transactions with Southeast Asian currencies and minimize the need for traditional intermediaries like SWIFT, resulting in faster and cost-effective financial operations for businesses.” said Ying.
Some of the most significant outcomes from this case study include:
- Cost Savings: EMFS introduces direct cost reductions for various transaction types:
- On our platform, no fees are charged for domestic transfers, contrasting with up to 4% of the transaction amount charged by current providers.
- Regarding FX spot transactions, enterprise clients can anticipate a remarkable cost savings of up to 70% compared to current FX costs, defined by total spread over mid-rate and associated fees.
- Reduced Settlement Time: EMFS boasts enhanced transaction speeds for certain types of transactions. It reduces the previous 2-business day settlement turnaround time to nearly instantaneous settlements, available 24/7, including holidays and weekends.
- Enhanced Process Efficiency: The platform simplifies fund management across multiple entities within an ecosystem. It achieves this by standardizing payment processes, thus increasing efficiencies and minimizing reconciliations and potential errors.
- Treasury Funds Optimisation: EMFS offers an optimized and centralized treasury management approach, ensuring fluid liquidity flows within the ecosystem.
“Potential cost savings for enterprises could escalate to an impressive level. This collaboration wasn’t just about technology but was a symbol of possibilities. By interconnecting their ecosystems through our solution, they weren’t just creating a product; they were building bridges for enterprises globally,” said Ying.
“Creating and deploying the EMFS was not without its challenges, and the dedicated team at D3 Labs adeptly tackled them with their expertise in blockchain technology. Our development process embraced the latest technologies to ensure a robust and scalable platform that meets the needs of modern enterprises.”
A groundbreaking moment has arrived in the realm of enterprise blockchain solutions. With an unwavering determination and a collaborative spirit, D3 Labs have joined forces with a trusted banking partner in Indonesia to bring their vision to life.
The result is a remarkable pilot MVP that demonstrates the immense potential for cost savings and process efficiencies and reaffirms the shared commitment of D3 Labs to excellence and innovation. This milestone marks the beginning of a new era, where cutting-edge technology and strategic partnerships converge to redefine the landscape of enterprise transactions.
“As D3 Labs eagerly anticipates enhancing our blockchain solutions, we extend our heartfelt gratitude to all our supporters for their continued trust and support. Together, we embark upon the next phase of our journey, forging a visionary future for the mass adoption of blockchain solutions among enterprises for traditional finance activities,” said Ying.
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