Indian Company Infosys Finacle Partners With R3 to Build Blockchain Solutions
Infosys Finacle, part of EdgeVerve Systems Limited is partnering with R3, one of the fastest growing blockchain companies in the world to work on a new blockchain-based solution targeted at banks. Together, the two companies will create solutions that help banks access and deploy Finacle’s blockchain solutions on R3’s open-source blockchain platform Corda.
Two New Solutions to Be Designed
Initially, the partners will work on two solutions on the Corda blockchain platform. The Finacle Trade Connect and the Finacle Payments Connect.
Of these, Finacle Trade Connect is a trade finance platform that will connect banks, corporates and other trade partners on a single blockchain network. It will come with several trade and supply chain finance products including Open Account, Invoice Financing, Bills Collection, Letter of Credit, Bank Guarantees, PO Financing, and Packing Credit.
The second solution, Finacle Payments Connect will enable payments processing on a permissioned payments network in real time. Banks will now be able to automate payments with other entities in the network, like other banks and key business partners.
These solutions are designed to help speed up business transactions and minimize risk while bringing better operating efficiency to the system. The blockchain network can also be utilized to build an intra-group network among banks, their international subsidiaries, and their clients. White labeled service networks can also be used to facilitate payment and trade services using these solutions.
Finacle’s Tryst With R3
EdgeVerve Systems is a product subsidiary of Indian IT Company Infosys. Its foray into blockchains will begin with R3. However, the solutions will remain agnostic to the underlying distributed ledgers, allowing them to work seamlessly across multiple blockchain environments. As the solutions will be deployed on Corda, all regional networks that currently operate on the platform will be able to use Finacle’s solutions and collaborate seamlessly with them.
Sanat Rao, the chief business officer of Infosys Finacle, commented on blockchain’s potential saying:
“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 on 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.”
R3 CEO David E. Rutter also spoke about the solutions, adding:
“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.”
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