Infosys Ltd ADR (NYSE:INFY) is one of the best products India gave the world of information technology. The company is one of the best solutions providers in the realm of blockchain technology. Therefore, as Infosys joins hands with R3, one can only expect quality products and services.
According to a news release, the partnership will see the two companies collaborate on certain blockchain-based solutions. Infosys, through Infosys Finacle develops blockchain solutions that target the traditional financial institutions. Particularly, it creates suites of digital banking solutions that facilitate seamless operations.
On the other hand, R3 provides blockchain software that enables institutions to utilise blockchain technology. Particularly, the company developed Corda, an open-source blockchain platform which utilises smart contracts to manage financial agreements for institutions.
Interestingly, the partnership will be something like an integration of Finacle and Corda, the Economic Times explains. In particular, the integration will enable banks to utilise Finacle’s blockchain solutions on Corda blockchain platform. The two companies are popular for their unique products especially in the blockchain space.
Clients will be able to access the two-fold solutions created by Finnacle and available on Corda, the press release reveals. These include Finacle Trade Connect and Finacle Payments Connect. With the former, banks will be able to interact with their trade partners over a unified distributed network.
Infosys joins hands with R3 to create essential efficiencies in banking industry
As a result, the institutions can share sensitive information instantly given that the platform is peer-to-peer. Further, the platform supports products that are central to commercial relationships. These include Open Account, Letter of Credit, Invoice Financing and so much more.
On the other hand, users will get access to Finacle Payments Connect which helps banks automate payments processes. Importantly, the banks can automate huge transactions like bank-to-bank payments.
As Infosys joins hands with R3, banks will be able to experience efficiencies never seen before. According to David E. Rutter, Chief Executive Officer, R3, the banks will substantially cut costs and mitigate risks.
Sanat Rao, Chief Business Officer, Infosys Finacle, agrees with the assessment saiying:
“Blockchain is poised to help banks automate inter-organizational processes to drive unprecedented efficiencies and customer value.”