Faktor Zehn is involved in the project RITA "Reinsurance Technical Accounting Blockchain"

Project RITA: Blockchain technology revolutionizes the accounting process for reinsurance companies - processing takes only seconds

Faktor Zehn GmbH is participating, together with its mother company ConVista Consulting AG, in the development of the Reinsurance Technical Accounting Blockchain - RITA for short. RITA is being developed for reinsurance companies to enable the exchange of accounting data within seconds, more securely and more efficiently.

Until recently, the process has taken weeks or months, as the accounting has been managed without a cross-company system, which has caused enormous manual effort. The unavoidable media breaks make the process susceptible to errors. With RITA, on the other hand, invoices can be sent seamlessly and in real time.

Blockchain technology enables all participants in a network to create a common database without a central operator. RITA relies on the distributed ledger - the technology of distributed cash books – while taking advantage of the blockchain. All participants are authenticated and data can only be viewed transaction-based.

RITA is currently in test operation; interfaces to common reinsurance systems such as ProRis or SAP FS-RI are already available. The platform was established by the consulting companies Consurance and Inveos, long-standing partners of ConVista.

Roadshows are planned for spring in Düsseldorf, Hanover, Munich and Zurich. More information about RITA can be found at www.ritablock.com.