30 May Synechron launches blockchain applications on Microsoft Azure Marketplace
Global provider of technology services and financial services consulting, Synechron Inc. has announced plans to make a select group of its blockchain accelerator applications available on the Microsoft Azure Marketplace. Synechron’s trade finance application is the first publicly available blockchain application to be offered on the Quorom platform.
Earlier this month, on the 22nd of May 2017, Synechron Inc., a global provider of financial services consulting and technology services, announced plans to make demo versions of a select group of its blockchain accelerator applications available on the Microsoft Azure Marketplace. The accelerators are available on Azure as of this past week following live demos at the Consensus 2017 event in New York, and include the following:
1) Blockchain Accelerator for Trade Finance
- Available on Quorum
- Creates digital versions of transactions, generates smart contracts, centralises underlying collateral information on a distributed ledger across a private network to increase efficiency, eliminates “double spend” fraud, enhances data quality and reduces settlement time.
2) Blockchain Accelerator for Insurance Claims Processing
- Available on Ethereum
- Uses smart contracts to determine the valuation of the trade portfolio, handles margin calls and initiates track and validates margin payments for increased efficiency, automated settlements, enhanced accuracy and significant cost-reduction.
3) Blockchain Accelerator for Smart Margin Calls
- Available on Corda
- Uses smart contracts, enables auto- execution of insurance claims and payments on an authoritative data feed for reduced risk and fraud and decreased processing costs.
The new development has helped to make Synechron’s Trade Finance Accelerator one of the first publicly viewable applications to be used on the Quorom platform – a testament to its Constellation and Enclave functionality for bank-driven requirements. The solutions extend leading distributed ledger platforms such as Ethereum, Quorom, Corda, Ripple, and Hyperledger’s Fabric. The award-winning Accelerators’ industry-leading applications focus on six industry use cases:
- Trade finance
- Know Your Customer (KYC)
- Margin Call Management
- Insurance Claims Processing
- Mortgage Financing & Processing
- Global Payments
Anyone holding an Azure subscription can now rapidly deploy Synechron’s blockchain accelerators into the Microsoft cloud. The result is an easier decision-making process for clients when choosing a cloud-based deployment model with enterprise security in mind.
“Microsoft is building an open, ecosystem- driven platform for blockchain app development. Through partners like Synechron, we’re empowering businesses to accelerate their own blockchain initiatives. We’re excited to offer these three Accelerators, which show customers what blockchain applications could potentially look like.”
– Marley Gray | Principal Architect for Azure Blockchain
“Developing innovative, real-world solutions drives everything we do, so being the first company to share working blockchain applications on Azure is incredibly significant for us. This week, users will be able to see how a blockchain really works and experience the different functionalities available across platforms. We have no doubt that this will help stimulate further interest in the potential of blockchain, enabling financial services firms to accelerate their blockchain initiatives.”
– Faisal Husain | Synechron CEO
About Synechron
Synechron is a global consulting and technology organisation firm offering innovative solutions to the financial services industry through its three main business focus areas: digital, business consulting, and technology. Based in New York, the company has 18 offices around the globe, with more than 7,500+ employees producing over USD 450+M in annual revenue.
- Read the results of a survey of financial services decision-makers on potential applications for blockchain, conducted earlier this year by TABB Group on behalf Synechron - here
- Read the recent Synechron paper examining MiFID II / MiFIR: Reporting for Financial Institutions - here
- Read about ‘Neo’, a new Artificial Intelligence platform developed under Synechron’s Financial Innovation Labs (FinLabs) programme - here
