EdgeVerve launches Blockchain framework for financial services
BANGALORE--EdgeVerve Systems, a product subsidiary of Infosys, which offers the Infosys Finacle universal banking solution suite, today introduced its EdgeVerve Blockchain Framework designed to further the adoption of blockchain technology by the global financial services sector. The framework, introduced at the Infosys Confluence global client summit in San Francisco, has been developed to deliver value-generating solutions and technologies based on blockchain.
The EdgeVerve Blockchain Framework is a permissioned ledger that allows banks to rapidly deploy blockchain-based services for varied business areas. Designed specifically for the banking sector, it can scale to the levels needed to support international, cross-border transactional business. These capabilities make applications built on this framework a viable platform to run payments and other high volume transactional banking services. Blockchain-based applications, built on this framework, can deliver increased efficiencies, transactional security and accuracy at a lower cost than the existing high-cost ledger platforms that underpin the global banking systems.
Key Highlights of the EdgeVerve Blockchain Framework include:
Distributed ledger - The framework uses blockchain in a distributed, permissioned environment. It is best suited for minimizing operating and per-transaction costs for financial services companies, while improving data openness and sharing, without compromising data integrity and security
Asset agnostic - Banks can create multiple assets leveraging this framework, thereby enabling them to store and transfer a variety of transaction assets within a single network
Highly extensible - It includes an API layer that supports extensibility and administrative tools. Banks can develop and rapidly deploy their own custom blockchain solutions along with the framework and scale solutions to meet national and international banking demands
As a leading financial services solutions provider, offering services in 92 countries and powering over one billion banking accounts, EdgeVerve is collaborating with several of the world's leading financial institutions to build block-chain powered banking networks, products and services levering this framework. These include areas such as payments, trade finance, invoice processing, smart contracts, digital vaults and syndicated loans, among others.
Andy Dey, President - Customer & 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."
Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 84 countries and serves over 547 million customers - nearly 16.5 percent of the world's adult banked population.
Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.
EdgeVerve Systems, a wholly owned subsidiary of Infosys, develops innovative software products and offers them on-premise or as cloud-hosted business platforms. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients' growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying.
Today EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom. Finacle, our universal banking solution, is the choice of financial institutions across 84 countries and serves over 547 million customers - nearly 16.5 percent of the world's adult banked population.