Infosys Finacle collaborates with R3 on blockchain solutions

Infosys Finacle, part of Indian software giant Infosys’ subsidiary EdgeVerve, has partnered with enterprise software firm R3 to bring its blockchain solutions on R3’s Corda open-source blockchain platform.

With this collaboration, banks will be able to easily access and deploy Finacle’s blockchain solutions on Corda. Initially, two solutions will be available – 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.

“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,” Sanat Rao, Chief Business Officer, Infosys Finacle, said.

Finacle said that the solutions are agnostic to the underlying distributed ledger technology and 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.

“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,” David E. Rutter, Chief Executive Officer, R3, said.