Blockchain Solutions For Wealth Managers Created By Mphasis, Loyakkbr>
Indian IT solutions provider Mphasis and blockchain firm Loyakk have developed two blockchain solutions for the insurance and financial services markets.
Based in Bangalore, Mphasis provides infrastructure technology and applications outsourcing services. It also offers architecture guidance, application development and integration, and application management services. It serves financial services, telecom, logistics, and technology industries.
Loyakk is a provider of blockchain-based business relationship platform. It leverages patent-pending blockchain technology to support permissioned sharing of data, standardized communication interfaces, and accelerated movement of value based on smart contracts.
The two blockchain solutions, Chainsure and Wealthchain, are designed to enhance security, efficiency and governance of insurers, wealth management companies and private banks. The solutions are utilizing Loyakk’s blockchain technology that enables the exchange of information and movement of value throughout a financial services firm’s network.
Chainsure has been designed to help insurers combine blockchain technology with enterprise capabilities to impact multiple areas of an insurance business. It includes client onboarding, underwriting, policy administration, claims administration, claims fraud management, product innovation, regulatory audit and more.
WealthChain is designed to help wealth management firms and private banks in the areas of client profiling and onboarding, investment allocation, portfolio management, and trading & settlement. The solution will also enable firms to adhere to anti-money laundering (AML) and know your customer (KYC) norms. It will also track investment models and allow individuals to view account performance in real time.
Loyakk CEO Salim Ali said that both solutions are designed to be delivered as full stack blockchain solutions. The solutions will incorporate multiple levels of services to drive secure and efficient interactions enhanced by blockchain technology
“Financial services and insurance industries deal with enormous quantities of sensitive data,” said Dinesh Venugopal, President, Mphasis Direct and Digital. “Adopting blockchain solutions that will address privacy concerns, improve security measures, and deliver valuable experiences to customers is vital. Blockchain is a critical technology that all enterprises should strategically leverage. Mphasis continues to bring innovative solutions to customers from both within the organization, as well as from the partner and start-up ecosystem.”