Synechron has launched a new Blockchain Accelerator Program which is sought to include its first six blockchain applications available in the cloud. These applications are touted to enable financial services firms to be up-and-running on a blockchain network or in a ‘sandbox’ environment within weeks. It also brings rapid time-to-market leveraging a first-mover advantage to firms that leverage blockchain as a revolutionary technology for the economics of their businesses.
Synechron has identified six areas where market participants have the potential to experience blockchain’s most tangible benefits in enhancing business operations, minimizing operating costs and combatting fraudulent activity.
Synechron’s Blockchain Accelerators key nuggets include:
- Blockchain Accelerator for Global Payments – allowing firms to pay any bank connected to the cryptocurrency rails using a single reserve, minimizing the amount of capital required to make transactions easier, cheaper and faster.
- Blockchain Accelerator for Trade Finance – creating digital versions of transactions, generating smart contracts, centralizing underlying collateral information on a distributed ledger across a private network to increase efficiency, eliminate “double spend” fraud, enhance data quality and reduce settlement time.
- Blockchain Accelerator for Smart Margin Calls – using smart contracts to determine the valuation of the trade portfolio, handle margin calls and initiate track and validate margin payments for increased efficiency, automated settlements, enhanced accuracy and significant cost-reduction.
- Blockchain Accelerator for Insurance Claims Processing – using smart contracts, enabling auto-execution of insurance claims and payments on an authoritative data feed for reduced risk and fraud and decreased processing costs.
- Blockchain Accelerator for KYC – creating a centralized KYC utility model allowing utilities to differentiate themselves and enhance anti-money laundering (AML) and credit controls.
- Blockchain Accelerator for Mortgage Financing & Processing – allowing loans that currently are documented in a company’s private ledger to transition to a centralized ledger to increase transparency, expedite loan settlement and reduce overall risk.
The Accelerator Program is also sought to deliver an end-to-end solution with business consulting services ranging from functional specifications to technical architecture design; blockchain technology delivery and training programs through Synechron’s FinLabs; and UX design that will enable financial institutions to customize their blockchain application to their unique business needs.
Faisal Husain, Synechron Co-Founder and CEO, said, “We believe in blockchain’s transformative potential for the financial services industry. By collaborating with our clients we have developed blockchain applications that solve real-world problems. These Blockchain Accelerators provide working code enabling our clients to experiment with and refine their blockchain strategies. In the race to deploy the technology, this program offers them the ability to gain a first-mover advantage.”
Synechron’s Blockchain Applications are available in a cloud environment and deliver working modular code and a sandbox environment to minimize development time, infrastructure and investment. These applications use an agile design approach and industry-leading blockchain technologies such as Ethereum, Hyperledger, Eris and Ripple. As Synechron’s blockchain apps are available via the cloud and compatible with today’s hybrid cloud environment, firms will have the ability to experiment without additional infrastructure expense and will get to market faster.