Project RITA

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

Cologne, 21 January 2019 – ConVista Consulting AG and its subsidiary Faktor Zehn GmbH are participating in the development of the Reinsurance Technical Accounting Blockchain – RITA for short. RITA is being developed to enable the exchange of accounting data within seconds, more securely and more efficiently, especially for reinsurance companies.
So far, the process has taken weeks or months. The reason for this is that to date, accounting has been managed without a cross-company system and causes 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 ritablock