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Finance consultancy puts blockchain apps in the cloud

US fintech services provider Synechron makes a number of its blockchain applications available in the cloud to help financial services firms get to grips with the emerging technology

Synechron, a New York-based financial and technology services consultancy, has made six blockchain applications available in the cloud as part of a blockchain accelerator programme, designed to help financial services firms that are keen to explore the use of blockchain in their business.

The six applications will enable users to be operating on either a fully fledged blockchain network or in their own sandbox environment within weeks. Synechron said this would give a first-mover advantage to finance businesses that recognised the potential of blockchain in the sector.

The programme, which will be supported by business technology experts in New York, London and Bangalore, will deliver an end-to-end product ranging from functional specification and technical architecture design, technology delivery and training, and user experience design.

“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,” said Synechron CEO Faisal Husain.

“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 programme offers them the ability to gain a first-mover advantage.”

The firm has identified a number of areas where financial services firms can quickly take advantage of some of the more tangible benefits of blockchain, around areas such as operational enhancement, cost reduction and anti-fraud.

Synechron has identified a number of areas where market participants have the potential to experience blockchain’s most tangible benefits in enhancing business operations, minimising operating costs and combatting fraudulent activity, and the six separate accelerators are set-up to address these.

The first accelerator will centre on global payments, allowing firms to pay any bank connected to the cryptocurrency rails using a single reserve, minimising the amount of capital needed, to make transactions easier, cheaper and quicker.

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A trade finance accelerator will help business create digital versions of transactions, generate smart contracts, and centralise underlying collateral information on a distributed ledger. It will also serve to cut so-called ‘double spend’ fraud, enhance data quality and reduce settlement time.

A smart margin call accelerator will use smart contracts to determine portfolio valuation, handle margin calls, initiate, track and validate margin payments for more efficient, automated settlements.

An insurance claims processing accelerator will also use smart contracts to enable auto-execution of insurance claims and payments on an authoritative data feed to reduce risk and fraud and decrease processing costs.

A know your customer (KYC) accelerator will create a centralised KYC utility model, letting utilities differentiate themselves and enhance their anti-money laundering and credit controls.

Finally, an accelerator for mortgage financing and processing will move loans that are currently documented in a private ledger to a centralised ledger to increase transparency, expedite settlement and reduce overall risk.

The suite of applications use an agile design approach and a number of blockchain technologies, including Ethereum, Hyperledger, Eris and Ripple.

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