India-based business consulting and IT services firm Infosys partnered with New York-based distributed ledger technology (DLT) provider R3 through its digital banking arm Infosys Finance, which is part its wholly owned subsidiary EdgeVerve Systems Limited. The two parties will collaborate to allow partner banks to integrate R3’s open-source blockchain platform Corda with Finacle’s blockchain solutions.
For the beginning, Finacle will have two of its services integrating Corda – Finacle Trade Connect and Finacle Payments Connect. The former is a blockchain-powered trade finance platform aimed at banks, companies, and trade partners, which can connect through a unified DLT network. The solution supports a wide range of trade and supply chain functions, including Open Account, Invoice Financing, Letter of Credit, Bills Collection, PO Financing, Bank Guarantees, and Packing Credit.
The other blockchain-powered service, Finacle Payments Connect, allows real-time payments via a permissioned DLT network. The solution enables banks to automate payments based on their corresponding banking relationships.
R3 CEO David E. Rutter commented:
“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.”
Sanat Rao, head of business at Infosys Finacle, stated:
“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 in 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,” he added.
Thanks to the integration of Corda into the two Finacle solutions, banks can automate payments and trade processes across multiple ecosystems, business partners, and clients. The banks can also apply these solutions to develop a consortium or group network that would comprise their international subsidiaries and enterprise clients.
In June of this year, we reported that Infosys provided its blockchain technology to India Trade Connect, a consortium that includes 14 local banks that account for half of India’s trading volume.