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.

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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.

 

 

About Richard Kastelein

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, the Netherlands where he has set down his anchor to raise a family and write.

Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the EuropeanCommission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.

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