R3 and Infosys Partner to Deliver Blockchain Solutions on Corda for Financial Institutions
Infosys Finacle is a branch of EdgeVerve Systems Limited. It is a fully owned and operated subsidiary of Infosys. R3, on the other hand, is one of the fastest growing enterprise development companies across the globe. The two companies announced the formation of a partnership on 24th October that would assist them to collaborate on blockchain-based solutions.
Details Of The Partnership
It is a partnership that will make it easier for banks to access as well as deploy Finacle’s blockchain-based solutions on Corda, an open-source platform developed by R3. To start with, Finacle will provide two solutions to be used on the Corda platform—Finacle Payments Connect and Finacle Trade Connect.
Finacle Trade Connect is a solution based on blockchain technology that is used to connect corporates, trade partners, and banks on a single distribution network. The solution supports a complete suite of trade and supply chain finance solutions like Packing Credit, Open Account, Bank Guarantees, Letter of Credit, PO Financing, Invoice Financing, and Bills Collection.
Finacle Payments Connect, on the other hand, is a solution that enables processing of payments on a real-time basis using a permissioned payments network. It is a solution that assists banks to automate their payments processing using existing relationships with corresponding banks.
By leveraging these solutions, banks will now be in a position to automate their trade processes as well as payments across important customers and business partners in a bid to minimize risk, accelerate the speed of doing business, as well as enhance operational efficiencies. The financial institutions can also use the two solutions to create an intra-group network with their clients and subsidiaries.
In addition, they will also be in a position to curate white labeled networks in order to facilitate payment services as well as trade with other financial services providers. By being agnostic to the distributed ledger technology, the solutions from Finacle will be able to seamlessly work with numerous ecosystems.
The partnership between R3 and Finacle solutions will ensure that the two solutions become available on Corda as soon as possible. It is a factor that is expected to make it possible for various regional networks currently using the Corda platform to start accessing the solutions. In the long run, this access will help guarantee seamless engagement and collaboration between various entities in this highly competitive industry.
R3 is a blockchain software development firm that concentrates on developing software applications for use by enterprises. It has a very broad ecosystem that currently has more than two hundred members spread across various industries, both in the public and private sectors. It has a team of more than 180 professionals that are spread in 13 countries around the world.
Finacle is a leading digital banking solutions provider. Its goal is to assist trading and emerging banking institutions drive their digital transformation in a manner that helps them achieve a larger ecosystem and a frictionless customer experience. Its systems are used by banks in more than 100 countries.