- Highly-scalable Blockchain Framework Will Allow Banks to Overhaul and Simplify Complex Transaction-driven Services
EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), 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.
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.
Quote:
Andy Dey, President - Customer & Operations, EdgeVerve
"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."
About Infosys Finacle
Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 84 countries and serves over 547 million customers - nearly 16.5 percent of the world's adult banked population.
Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.
To know more, visit http://www.finacle.com
About EdgeVerve Systems Ltd
EdgeVerve Systems, a wholly owned subsidiary of Infosys, develops innovative software products and offers them on-premise or as cloud-hosted business platforms. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients' growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying.
Today EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom. Finacle, our universal banking solution, is the choice of financial institutions across 84 countries and serves over 547 million customers - nearly 16.5 percent of the world's adult banked population.
To know more, visit http://www.edgeverve.com
Safe Harbor
Certain statements in this press 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, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, 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, 2015. These filings are available at http://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. 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.
Source: Infosys Finacle
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