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 framework, described as a scalable solution for banks to simplify complex transaction-driven services.

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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.

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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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