The subsidiary of Infosys ltd., Finacle that is the part of EdgeVerve Systems Limited has partnered with one of the fastest growing blockchain software firms R3 in order to develop unique blockchain powered solutions. This partnership will facilitate banks for efficient access and deployment on Finacle’s blockchain based solutions on Corda which is an open-source blockchain platform.
In the initial stages, there will be two solutions dubbed as Finacle Trade Connect and Finacle Payments Connect available for Finacle on Corda platform. The first one Finacle Trade Connect is a blockchain powered trade finance key that makes a connection between banks, corporates, and trade partners within a unified distributed network. In addition to this, it is a complete suite of trade and supply chain finance products like Letter of Credit, Bills Collection, Open Account, Invoice Financing, Bank Guarantees, Packing Credit and PO Financing. The latter one, Finacle Payments Connect facilitates real-time payment processed on an authorized payments network. In simple words, it automates payments processing by the bank to the corresponding bank in the network. (Via PR Newswire)
These given solutions can make a huge impact on the time frame of automated payments and trade processes to accelerate the business speed. It is very useful in driving operational efficiencies and reducing risk to a greater extent. These solutions can also be used to create an intra-group network with international clients and subsidiaries. Moreover, Infosys Ltd. Subsidiary and R3 can curate service network labeled in white for enabling payment and trade servicer for various other financial firms.
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Infosys Finacle, Chief Business Officer, Sanat Rao stated that blockchain technology is helping out banks to automate process within the organization for a better customer value and overall efficiency. The Finacle team is working on blockchain solutions to make a significant progress. He also added that the company is delighted to collaborate with R3 and together they will leverage accelerated business growth as mentioned by The Economic Times.
Infosys Ltd. is a pioneer in the field of information technology and it seems that the company has already started harnessing the potential of emerging blockchain technology.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]