Blockchain companies are moving towards transforming banking industry at a phenomenal rate. Finacle, a financial services arm of Infosys has partnered with open-source blockchain platform R3, to expand its blockchain offerings in banking. The partnership aims at deploying Infosys blockchain solutions on Corda, an open-source platform by R3 that aims to increase bank’s operational efficiencies by mitigating risk.
How Infosys Finacle help banks:
- With their blockchain solution, Infosys Finacle help banks to augment their inter-organisational processes thereby improves efficiency and customer value.
- Finacle blockchain platform offers trade finance solution that connects a wide range of customers including trade partners, banks and institutional customers. This in turn creates transparency across these entities it helps banks to improve operational efficiencies and minimise risk during payment settlement and trade process
- The platform offers real-time payments processing to a wide range of verified customers and it mitigates fraudulent transactions
- Finacle offers a faster and hassle free automated payments processing and settlement
- The solution also allows banks to create an intra-group network of their customers and internal stakeholders
Infosys Finacle’s blockchain solution designed on Corda platform will help banks to replace the existing time intensive financial settlement processes and help banks to create their own blockchain based payment settlement network. Also, the solution would help banks to better strategize their business to current customer needs by leveraging Finacle’s blockchain solution.
The partnership of Finacle and R3 would help banks and financial institutions with real-time and hassle free financial settlements. Also, the solution is expected to be strengthen cross-border retail payment settlements between banks and financial institutions. With this partnership, Infosys is more likely to expand its blockchain solutions across insurance, P2P payments and others.