The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Synechron Apps Support Fast Implementation of Blockchain Solutions

Business consulting and technology services provider Synechron has released six blockchain applications designed to help financial institutions get up and running on a blockchain network or in a sandbox environment within weeks. The applications are cloud based and include solutions for Know Your Customer (KYC), global payments, trade finance, smart margin calls, insurance claims processing and mortgage financing and processing.

The initial applications are part of Synechron’s Blockchain Accelerator Program and more will be developed. Sandeep Kumar, managing director of capital markets and a blockchain specialist at Synechron, says the next applications could cover syndicated loans and OTC margins, although development will depend on client requirements.

He explains: “Some financial institutions want to do a lot with blockchain, but they don’t have the necessary technology depth and time. By building business applications on existing blockchain platforms, we can help firms cut down development time. Our focus is on what is useful for banks and we deliver working code.”

Synechron has built the applications on Hyperledger, Ripple, Ethereum and Eris blockchain platforms depending on the best match of application and third-party platform. It is also moving on to offer interoperability between platforms through a partnership with ConsenSys, a start-up providing developer and end user tools for blockchain ecosystems.

Kumar says: “We don’t expect there to be one blockchain platform in the market. Hyperledger will probably dominate financial services and small bank groups are likely to make Ethereum their platform of choice. We chose the best platforms to suit our application use cases and are working on interoperability between platforms.” As well as working on a clean interface between platforms, Synechron is building connectors to mainframes.

Synechron also provides custom blockchain development and some of its clients are going live with this. Others are expected to favour the accelerators, which are delivered as end-to-end solutions with business consulting services, blockchain technology, training and UX design that enables banks to customise applications to their needs.

Related content

WEBINAR

Recorded Webinar: How to Meet FATCA Requirements

A-Team Group recently held a webinar on the topic of How to Meet FATCA Requirements, discussing the data management challenges FATCA presents and suggests how firms can best meet the regulation’s requirements.

BLOG

Five Misconceptions About KYC Compliance in 2020

By Ian Henderson, CEO, Kyckr. Know Your Customer compliance suffers from a problem of unintentional secrecy. Everyone knows that organizations are responsible for meeting their KYC and AML obligations and keeping up with KYC best practices, but that’s becoming harder and harder to do. KYC is not simply a matter of going down a list and...

EVENT

RegTech Summit New York City

Now in its 5th year, the RegTech Summit in NYC explores how the North American financial services industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...