EdgeVerve Systems Launches Blockchain Framework for Bank Transactions
- Infosys' product lines reach more than 500 million banking clients globally.
EdgeVerve Systems, a product subsidiary of the Indian multinational company Infosys, listed on the NYSE under ticker INFY, today announced the EdgeVerve Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term framework, described as a scalable solution for banks to simplify complex transaction-driven services.
The new world of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term, fintech and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.
The distributed ledger approach uses blockchain in a permissioned environment and features an asset-agnostic medium that lets banks create multiple assets within a single network, and offers an API layer that supports extendability and administrative tools, according to the press release.
According to the new product description, it is best suited for minimizing operating and per-transaction costs for financial services companies including banks, and helps improve data openness and sharing without compromising data integrity and security.
EdgeVerve offers its Infosys Finacle universal banking solution suite, which serves over 547 million customers in 84 countries, and represents nearly 16.5 percent of the world’s adult banked population, according to the company.
The timing of the announcement coincided with the Infosys Confluence global client summit that was held in San Francisco, as companies often time such news with events where clients and/or peers and industry attendees will be able to see or hear it first hand.
Commenting in the official press release, Andy Dey, President of Customer & Operations at EdgeVerve, said: “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.”
The company also published a white-paper on looking beyond Blockchain, authored by Tony O'Donnell, head of research at EdgeVerve, and listed on the firm's website under the new offering that invites firms to collaborate to use its Blockchain.
Blockchain is being increasingly sought by financial services firms, and although the adoption and depth of use is still in its early stages as firms are just starting to deploy such offerings, the trend of increasing numbers of companies moving in this direction appears to be very strong.
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EdgeVerve Systems, a product subsidiary of the Indian multinational company Infosys, listed on the NYSE under ticker INFY, today announced the EdgeVerve Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term framework, described as a scalable solution for banks to simplify complex transaction-driven services.
The new world of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term, fintech and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.
The distributed ledger approach uses blockchain in a permissioned environment and features an asset-agnostic medium that lets banks create multiple assets within a single network, and offers an API layer that supports extendability and administrative tools, according to the press release.
According to the new product description, it is best suited for minimizing operating and per-transaction costs for financial services companies including banks, and helps improve data openness and sharing without compromising data integrity and security.
EdgeVerve offers its Infosys Finacle universal banking solution suite, which serves over 547 million customers in 84 countries, and represents nearly 16.5 percent of the world’s adult banked population, according to the company.
The timing of the announcement coincided with the Infosys Confluence global client summit that was held in San Francisco, as companies often time such news with events where clients and/or peers and industry attendees will be able to see or hear it first hand.
Commenting in the official press release, Andy Dey, President of Customer & Operations at EdgeVerve, said: “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.”
The company also published a white-paper on looking beyond Blockchain, authored by Tony O'Donnell, head of research at EdgeVerve, and listed on the firm's website under the new offering that invites firms to collaborate to use its Blockchain.
Blockchain is being increasingly sought by financial services firms, and although the adoption and depth of use is still in its early stages as firms are just starting to deploy such offerings, the trend of increasing numbers of companies moving in this direction appears to be very strong.
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