EdgeVerve Systems’ newly-introduced Blockchain Framework furthers the adoption of blockchain technology by the global financial services sector.
A subsidiary of Infosys, which offers the Infosys Finacle universal banking solution suite, EdgeVerve introduced the product at the Infosys Confluence global client summit in San Francisco, Calif. EdgeVerve developed the framework to deliver value-generating solutions based on the blockchain.
The framework is a permissioned ledger that lets banks rapidly deploy blockchain-based services. The solution can scale to the levels needed to support global, cross-border transactional business.
Such capabilities make applications built on the framework a viable platform for payments and high-volume transactional banking services. Applications can deliver transactional security, increased efficiencies and accuracy at less cost than high-cost ledger platforms presently underpinning the global banking systems.
“Blockchain can offer significant opportunities to modernize legacy processes, reduce costs as well as improve operational efficiency and authenticity of transaction data,” said Andy Dey, EdgeVerve president of customer and operations. “At EdgeVerve, we are making significant investments in this space that includes our research facility in Ireland and important financial industry partnerships. Several of the world’s leading financial institutions are already collaborating with us to build blockchain-powered banking applications and networks.”
• Distributed ledger – The framework uses blockchain in a permissioned, distributed environment. It minimizes operating and per-transaction costs for financial services companies, while improving data openness and sharing without compromising data security and integrity.
• Asset agnostic – Banks can create multiple assets leveraging the framework, thereby allowing them to transfer and store a variety of transaction assets within a single network.
• Highly extensible – The framework includes an API layer that supports administrative tools and extensibility. Banks can develop and quickly deploy custom blockchain solutions and scale solutions to meet national and global banking demands.
EdgeVerve is partnering with several major financial institutions to create blockchain-powered banking networks, products and services. EdgeVerve provides services in 92 countries and powers over one billion banking accounts. Services include invoice processing, payments, trade finance, digital vaults, smart contracts, syndicated loans and more.
EdgeVerve develops software products offered on-premise or as cloud-hosted platforms. Its solutions support clients’ growth in areas such as distributive trade, banking, digital marketing, credit servicing, interactive commerce, enterprise buying and customer service.
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