Bengaluru, London, Sydney and New York – October 24, 2018
Infosys Finacle, part of EdgeVerve Systems Limited, a fully owned product subsidiary of Infosys (NYSE: INFY), and R3, one of the fastest growing enterprise blockchain software companies in the world, today announced their partnership to collaborate on blockchain solutions. This partnership will enable banks to easily access and deploy Finacle’s blockchain solutions on Corda, R3’s open-source blockchain platform.
Finacle will initially have two solutions available on the Corda platform – Finacle Trade Connect and Finacle Payments Connect.
Finacle Trade Connect is a blockchain-based trade finance solution that connects banks, trade partners and corporates on a unified distributed network. It supports a full suite of trade and supply chain finance products such as Open Account, Letter of Credit, Invoice Financing, Bills Collection, PO Financing, Bank Guarantees and Packing Credit.
Finacle Payments Connect is a blockchain-based solution that enables real-time payments processing on a permissioned payments network. It helps banks automate payments processing within their corresponding banking relationships.
Leveraging these solutions, banks can automate payments and trade process across key business partners and customers to accelerate speed of business, drive operational efficiencies and minimize risk. The banks can also use these solutions to build an intra-group network along with their international subsidiaries, and clients. Besides, they can curate white labeled service networks to facilitate trade and payments services for other financial institutions.
Being agnostic to the underlying distributed ledger technology, Finacle solutions can work seamlessly with multiple ecosystems. With this partnership, these solutions will be available on the Corda platform. This will enable various regional networks currently operating on the Corda platform to use the Finacle solutions for seamless collaboration and engagement.
David E. Rutter, Chief Executive Officer, R3, said, “Banks will now have easy access to best-in-class blockchain solutions via Corda, enabling them to create efficiencies, save costs and mitigate risk. We are pleased to welcome Infosys Finacle to our rapidly growing partner network and look forward to working with them.”
Sanat Rao, Chief Business Officer, Infosys Finacle, said, “Blockchain is poised to help banks automate inter-organizational processes to drive unprecedented efficiencies and customer value. At Finacle, we are pioneering several blockchain based solutions to help drive progress in the industry. We are happy to partner with Corda in this journey. With this partnership, banks will be able to leverage Finacle’s award-winning blockchain solutions on the Corda platform to accelerate their blockchain based business re-imagination.”
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.
R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 is backed by investment of over USD 120 million from more than 45 firms.
The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights–driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.
Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking solution, on average, enjoy 7.2% points lower costs-to-income ratio than others.
To know more, visit www.finacle.com
Certain statements in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2018. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this press release is mentioned at the beginning of the release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.
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