EdgeVerve Launches Blockchain Framework for Financial Services
EdgeVerve Systems, a product subsidiary of Infosys, which offers the Infosys Finacle universal banking solution suite, 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 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.”