Infosys launches blockchain platform to allow banks to simplify complex transactions services

28 Apr 2016

Software services major Infosys, which is bullish on 'blockchain technology', has launched a new framework that would allow banks to simplify complex transactional services.

Blockchain functions like a huge, decentralised ledger for digital currencies recording  every transaction and storing the information on a global network so that it could not be tampered with.

It allows secure, peer-to-peer transactions capable of verification without any centralised authority. Banks and other financial institutions are increasingly opting for blockchain technology as it cuts their costs and and makes operations faster and more transparent.

Infosys said it was in discussion with over 10 institutions globally for deploying the solution.

"The EdgeVerve Blockchain Framework is designed specifically for the banking sector and can scale to the levels needed to support international, cross-border transactional business," Infosys Finacle Product strategy head Rajashekara V Maiya told PTI.

He added that applications built on the framework could run payments and other high volume transactional banking services with increased efficiencies, transactional security and accuracy at a lower cost. "We are in active conversations with more than 10 banks," he said adding that these institutions are located across India, Australia, the US, Asia and Africa, PTI reported.

Infosys would became the latest IT services giant to announce the introduction of a blockchain offering through its EdgeVerve Systems subsidiary today at its Infosys Confluence conference in San Francisco.

According to Infosys, the EdgeVerve Blockchain was a permissioned environment, with an API layer that allowed custom versions of the technology to be deployed, depending on the use case, country and jurisdiction.

In addition to payments and trade finance, the technology could be applied to invoice processing, digital vaults and syndicated loans.

Andy Dey, president, customer and operations, EdgeVerve, said, ''Blockchain can offer significant opportunities to modernize legacy processes, reduce costs as well as improve operational efficiency and authenticity of transaction data.

"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.''