EdgeVerve Rolls Out Blockchain Framework for Financial Services

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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.

“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,” said Andy Dey, President – Customer & Operations, EdgeVerve.

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.

 

 

Founder, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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