Infosys Finacle Brings Blockchain Solutions For Banks On R3’s Corda Platformbr>
Finacle is a core banking product developed by the Indian corporation Infosys that provides universal digital banking functionality to banks. It is part of EdgeVerve Systems Limited, a wholly owned product subsidiary of Infosys. Earlier this year, the firm, in partnership with major Indian banks, developed a blockchain trade finance solution, called Finacle Trade Connect, which connects banks, trade partners and corporates on a unified distributed network. The solution is being used by banks to collect bills, issue and verify letters of credit, and open new accounts for trade. It also has a blockchain-based solution – Finacle Payments Connect – that enables real-time payments processing on a permissioned payments network.
Based in New York, R3 is working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, paid version of the platform has been specifically optimized to meet the demands of modern day businesses. Corda records, manages and executes institutions’ financial agreements in synchrony with their peers, creating a world of frictionless commerce.
The partnership will enable various regional networks currently operating on the Corda platform to use Finacle Trade Connect and Finacle Payments Connect for seamless collaboration and engagement. Finacle said that the solutions are agnostic to the underlying distributed ledger technology and can work seamlessly with multiple ecosystems.
“Banks will now have easy access to best-in-class blockchain solutions via Corda, enabling them to create efficiencies, save costs and mitigate risk,” said David E. Rutter, Chief Executive Officer of R3. We are pleased to welcome Infosys Finacle to our rapidly growing partner network and look forward to working with them.”
“Blockchain is poised to help banks automate inter-organizational processes to drive unprecedented efficiencies and customer value,” said Sanat Rao, Chief Business Officer of Infosys Finacle. “At Finacle, we are pioneering several blockchain based solutions to help drive progress in the industry. We are happy to partner with Corda in this journey. With this partnership, banks will be able to leverage Finacle’s award-winning blockchain solutions on the Corda platform to accelerate their blockchain based business re-imagination.”