Indian IT-giant Infosys has presented a brand new blockchain-based financial platform. More than 10 financial institutions around the globe have already expressed interest in the acquisition of the service.

The platform was unveiled during the presentation at the Infosys Confluence conference in San Francisco. It was developed by EdgeVerve Systems, a subsidiary of Infosys. The platform is an ecosystem with its own API, which can be easily modified depending on customer’s requirements. The new service is aimed at facilitating payments and movement of funds in trade finance. It can be implemented in a wide range of services, from the invoices processing to digital vaults and syndicated loans handling.

Banks will be able to independently develop and rapidly deploy their own blockchain solutions meeting all the national and international banking requirements, according to the Infosys’ press release.

The same as in the case with many other blockchain services, the main advantage of EdgeVerve Blockchain is the ability to reduce maintenance costs, enhance operational efficiency and improve the transactions data authenticity.

The EdgeVerve president Andy Day has noticed also, that the company is already collaborating with world’s leading financial institutions in building blockchain applications for the banking sector. Infosys has announced that it is negotiating with more than 10 international companies on the possible implementation of the new platform. 

Infosys is one of the world’s leaders in the development of banking and telecommunications software. The company has more than 194,000 employees and about $9.5 billion annual turnover. Its depositary receipts are traded on the New York Stock Exchange (NYSE). The overall Infosys capitalisation is estimated at $43.95 billion.

The most popular Infosys’ product is Fincale, an integrated system for bank management, which is used by banks in 84 countries and serves more than 450 million bank accounts.

In the April 2015, Infosys for the first time announced the possibility of integration of the blockchain technology in its core banking solution Finacle. At that time, Fincale devs team was reinforced with several top managers from competing companies SAP Labs, Sopra and Temenos. 

Elena Platonova