Synechron Inc., a global financial services consulting and technology services provider, today announced the launch of its Blockchain Accelerator Program that includes its first six blockchain applications available in the cloud. These applications are meant to enable financial services firms to be up-and-running on a blockchain network within weeks and use established technologies such as Ethereum, Hyperledger, Eris and Ripple.
The Accelerator Program delivers business consulting services; blockchain technology delivery and training programs through Synechron’s FinLabs; and UX design that will enable financial institutions to customize their blockchain application.
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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 include: Global Payments, Trade Finance, Smart Margin Calls, Insurance Claims Processing, KYC and Mortgage Financing & Processing.
Using smart contracts to determine the valuation of the trade portfolio, Smart Margin Calls can initiate track and validate margin payments for increased efficiency, automated settlements, enhanced accuracy and significant cost-reduction. The final contract can be validated by both counterparties, eliminating the need for back-and-forth communications.
Faisal Husain, Synechron 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.”