IT services provider Cognizant has won a technology outsourcing contract from Mizuho Financial Group, a leading financial institution in the world, to develop a distributed ledger solution to make trade finance more efficient.
Cognizant will use Corda, a distributed ledger platform developed by R3, a consortium of the world’s largest financial institutions, to digitize trade documents such as letters of credit and bills of lading.
Mizuho Financial Group its customers will benefit a framework to use distributed ledger technology to reduce fraud, delays and other business risks arising from paperwork.
The engagement marks the expansion of a partnership between Mizuho Financial and Cognizant to leverage distributed ledger technology for building new work processes to make transactions and digital interactions more secure.
“We continue to work towards expanding the implementation of new technologies to provide better and advanced financial services to our customers,” said Daisuke Yamada, chief digital innovation officer of Mizuho Financial Group.
Cognizant competes with IT services companies such as Accenture, Wipro, Infosys, HCL, TCS, among others.
“Distributed ledger technology heralds a significant opportunity for the financial services industry to create greater trust and accountability,” said Prasad Chintamaneni, president of Global Industries and Consulting at Cognizant.