Initially, Infosys Finacle will make available two solutions on Corda platform – Finacle Payments Connect and Finacle Trade Connect
Infosys Finacle, part of EdgeVerve Systems Ltd, a wholly owned product arm of Infosys and R3, one of the world’s rapidly growing enterprise blockchain software firms, has entered into partnership to work together on blockchain solutions. This association will enable banks to effortlessly access and deploy blockchain solutions of Finacle on Corda, the open-source blockchain platform of R3.
Commenting on the development, David E Rutter, Chief Executive Officer, R3, 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. We are pleased to welcome Infosys Finacle to our rapidly growing partner network and look forward to working with them.”
Sanat Rao, Chief Business Officer, Infosys Finacle, said, “Blockchain is poised to help banks automate inter-organizational processes to drive unprecedented efficiencies and customer value. 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.”
Two solutions available
Initially, Infosys Finacle will make available two solutions on Corda platform – Finacle Payments Connect and Finacle Trade Connect.
Finacle Payments Connect solution is based on blockchain technology that enables the bank to have real-time processing of payments on an approved payments network. The solution would help the banks automate the process of payments within their corresponding banking relations.
On the other hand, Finacle Trade Connect is a trade finance solution based on blockchain technology that connects banks, corporates and trade partners on a unified distribution network. The solution supports a full suite of trade and supply chain finance solutions such as letter of credit, open account, invoice financing, PO financing, bills collection, bank guarantees and packing credit.
Banks can automate processes
Banks can leverage these solutions to automate payments processing and trade process across major business partners and clients to accelerate their business speed, drive operational efficiency and to minimise risk. These solutions can also be used by banks to set up an intra-group network along with their global subsidiaries and customers.
