Blockchain Startup Bitfury Teams With IT Firm Mphasis On Trade Finance Project

Blockchain, News | May 30, 2019 By:

Indian IT solutions provider Mphasis has teamed the Bitfury Group, a bitcoin and blockchain technology firm, to accelerate digital transformation in global trade.

The strategic partnership aims to bring new levels of automation, transparency and efficiency to the financial services infrastructure that underpins global trade. While technology is digitizing some areas of trade, such as document management, customer due diligence and parts of supply chain finance, the firms said the systems that handle mission critical activities, such as settlement, liquidity management, and foreign exchange (FX), remain highly outdated, inflexible and disjointed.

The two companies want to dislodge this complex grid by revolutionizing key areas of the global financial supply chain. They will work together on new forms of tokenization to enable instant settlement of trade transactions, reduce reliance on complex FX infrastructures, and increase flexibility in liquidity management for financial institutions.

Andres Ricaurte, Senior Vice President and Global Head of Payments for Mphasis, said that together with Bitfury, he believes that they are uniquely positioned to accelerate the development of a more efficient, flexible and future-ready financial supply chain.

“Our goal is to accelerate the disruption and transformation in the trade finance space,” Ricaurte said. “It’s about creating a digital representation of the liquidity that’s trapped inside this supply chain and leveraging that representation to make trade transactions more seamless and transparent to everyone.”

According to the firms, the technology they plan to develop will be interoperable, functioning across all types of procure-to-pay networks, distribution platforms and trade finance consortia.

“Bitfury is pleased to partner with Mphasis to improve fragmented financial systems, helping to make global trade more efficient,” said Valery Vavilov, Chief Executive Officer of Bitfury. “Using blockchain technology, we will create interoperable systems that deliver the highest degrees of trust, transparency and security to this industry.”