Infosys Finacle, a unit of Infosys subsidiary EdgeVerve, has collaborated with blockchain software firm R3 to offer banks easy access to its Infosys blockchain solution.
The alliance will enable banks to deploy Finacle’s blockchain solutions on R3’s open-source platform called Corda.
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Infosys Finacle chief business officer Sanat Rao said: “Blockchain is poised to help banks automate inter-organisational processes to drive unprecedented efficiencies and customer value. At Finacle, we are pioneering several blockchain based solutions to help drive progress in the industry.”
As part of the patnership, Finacle will initially offer two Infosys blockchain solutions- a trade finance solution called Finacle Trade Connect and a payments processing solution known as Finacle Payments Connect.
Finacle Trade Connect is designed to connect banks, trade partners and corporates on a unified distributed network.
Through Finacle Payments Connect, banks can automate payments processing within their corresponding banking relationships.
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By GlobalDataInfosys said that the new tools will offer banks the capability to build an intra-group network with their subsidiaries and clients and curate white labelled service networks to support trade and payments services for other financial institutions.
The aim is to improve operational efficiencies and reduce risk at banks.
R3 CEO David Rutter said: “Banks will now have easy access to best-in-class blockchain solutions via Corda, enabling them to create efficiencies, save costs and mitigate risk.”
