Indian IT and outsourcing giant Infosys has launched a blockchain platform designed to allow banks to deploy a range of services on a scalable distributed ledger system, such as payments, smart contracts and trade finance.
EdgeVerve Systems, a product subsidiary of Infosys, designed the EdgeVerve Blockchain Framework, said a statement. The blockchain can scale to the levels needed to support international, cross-border transactional business, run payments and other high volume transactional banking services, it said.
Blockchain-based applications, built on this framework, can deliver increased efficiencies, transactional security and accuracy at a lower cost than the existing high-cost ledger platforms that underpin the global banking systems, said Infosys.
Infosys said the EdgeVerve Blockchain is a permissioned environment, with an API layer that allows custom versions of the technology to be deployed, depending on the use case, country and jurisdiction. As well as payments and trade finance, the technology can be applied to invoice processing, digital vaults and syndicated loans.
Andy Dey, president, customer and operations, 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 EdgeVerve Finacle banking service is used by banks in 84 countries and 547 million customers - or 16.5% of total banked population.