Infosys Finacle and R3 step up on blockchain tech

Infosys Finacle, part of EdgeVerve Systems, a subsidiary of Infosys announced the completion of a blockchain trial in partnership with R3. This development was reported on 23 September.

Finacle is the industry-leading digital banking solution suite. Finacle helps emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insightful interactions, and always-ready automation. Banks in many countries depend on Finacle to service more than a billion consumers.

Infosys started by informing that R3 is one of the fastest-growing enterprise blockchain software companies in the world. The software giant further noted that the trial was completed in under five weeks. Infosys sustained by adding that eighteen banking groups joined the test network of Finacle Trade Connect. This platform is a blockchain-based trade finance application, available on R3’s Corda platform.

Sanat Rao, Chief Business Officer, Infosys Finacle cited – 

“Over the last four years, Finacle has made significant investments in developing blockchain solutions in the areas of remittances, trade finance and identity management. With Finacle Trade Connect solution, our vision is to help banks dramatically reduce costs and improve customer experience by connecting banks, trade partners and corporates on a unified distributed network. The trial results demonstrate the value banks can unlock with our solution. With an emerging technology like blockchain, collaboration and co-innovation is a key to achieve exponential benefits and we are committed to help our clients in their pursuits of transforming trade finance with permissioned ecosystems.”

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David E. Rutter, CEO at R3, said that Infosys Finacle’s successful completion of this global blockchain trial was a clear demonstration of the gains blockchain can bring to various financial markets. He noted that trade finance was no exception to that. David further added that as the promise of the technology continues to gather pace through trails such as this one, they were moving closer to bringing blockchain to the fore as a viable option to transform financial markets. David summarized that this would be in trade finance and beyond.

American multinational financial services company, Mastercard and blockchain service provider, R3 announced via a press release regarding the collaboration of the two organizations to develop a blockchain-backed cross border payment solution. It was added that Mastercard would be the network operator to clear, process, and settle all overseas payments. Post the acquisition of Transfast, Mastercard had strengthened their global reach.