Infosys has partnered R3, a blockchain-software company that works with heavyweights such as Intel Corp., Microsoft Corp., and Wells Fargo & Co., to collaborate on digital-ledger solutions for banks and other institutions.
The partnership would enable banks to easily access and deploy Infosys’ blockchain solutions on Corda, R3’s open-source blockchain platform, said a statement by the infotech firm.
Infosys will initially have two solutions available on the Corda platform – Finacle Trade Connect and Finacle Payments Connect.
Finacle Trade Connect is a blockchain-based trade finance solution that connects banks, trade partners and corporates on a distributed network.
Finacle Payments Connect is a blockchain-based solution that enables real-time payments processing on a permissioned payments network.
Leveraging these solutions, banks can automate payments and trade process across key business partners and customers. The banks can also use these solutions to build an intra-group network along with their international subsidiaries and clients. Besides, they can curate white-labelled service networks to facilitate trade and payments services for other financial institutions.
“Blockchain is poised to help banks automate inter-organisational processes to drive unprecedented efficiencies and customer value. At Finacle, we are pioneering several blockchain-based solutions to help drive progress in the industry. 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,” said Sanat Rao, chief business officer, Infosys Finacle.
The Corda platform is already being used in industries such as financial services, healthcare, shipping, insurance and more.