Synechron Launches Six Blockchain Accelerator Applications in the Cloud

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Synechron Inc., a global financial services consulting and technology services provider, has today announced the launch of its Blockchain Accelerator Program that includes its first six blockchain applications available in the cloud. These applications enable financial services firms to be up-and-running on a blockchain network or in a ‘sandbox’ environment within weeks. This rapid time-to-market provides a first-mover advantage to firms that leverage blockchain as a revolutionary technology with the potential to change the fundamental economics of their businesses.

Faisal Husain, Synechron CEO, said:

“We believe in blockchain’s transformative potential for the financial services industry. By collaborating with our clients we have developed blockchain applications that solve real-world problems. These Blockchain Accelerators provide working code enabling our clients to experiment with and refine their blockchain strategies. In the race to deploy the technology, this program offers them the ability to gain a first-mover advantage.”

The Accelerator Program delivers an end-to-end solution complete with business consulting services ranging from functional specifications to technical architecture design; blockchain technology delivery and training programs through Synechron’sFinLabs; and UX design that will enable financial institutions to customize their blockchain application to their unique business needs. As experts in banking operations, technology and digital transformation, Synechron’s FinLabs team of 50 business and technology experts located in New York, London and Bangalore is uniquely qualified to provide these services.

Synechron has identified six areas where market participants have the potential to experience blockchain’s most tangible benefits in enhancing business operations, minimizing operating costs and combating fraudulent activity.

Synechron’s Blockchain Accelerators:

1. Blockchain Accelerator for Global Payments – allowing firms to pay any bank connected to the cryptocurrency rails using a single reserve, minimizing the amount of capital required to make transactions easier, cheaper and faster.

2. Blockchain Accelerator for Trade Finance – creating digital versions of transactions, generating smart contracts, centralizing underlying collateral information on a distributed ledger across a private network to increase efficiency, eliminate “double spend” fraud, enhance data quality and reduce settlement time.

3. Blockchain Accelerator for Smart Margin Calls – using smart contracts to determine the valuation of the trade portfolio, handle margin calls and initiate track and validate margin payments for increased efficiency, automated settlements, enhanced accuracy and significant cost-reduction.

4. Blockchain Accelerator for Insurance Claims Processing – using smart contracts, enabling auto-execution of insurance claims and payments on an authoritative data feed for reduced risk and fraud and decreased processing costs.

5. Blockchain Accelerator for KYC – creating a centralized KYC utility model allowing utilities to differentiate themselves and enhance anti-money laundering (AML) and credit controls.

6. Blockchain Accelerator for Mortgage Financing & Processing – allowing loans that currently are documented in a company’s private ledger to transition to a centralized ledger to increase transparency, expedite loan settlement and reduce overall risk.

Synechron’s Blockchain Applications are available in a cloud environment and deliver working modular code and a sandbox environment to minimize development time, infrastructure and investment. These applications use an agile design approach and industry-leading blockchain technologies such as Ethereum, Hyperledger, Eris and Ripple. As Synechron’s blockchain apps are available via the cloud and compatible with today’s hybrid cloud environment, firms will have the ability to experiment without additional infrastructure expense and will get to market faster.

 

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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