Tech Mahindra has joined hands with Adjoint, a provider of financial technology and solutions, to develop blockchain solutions for enterprise financial management and insurance sector.
With focus on seamless and reliable customer experience, the blockchain solution will enable customers to save up to USD 4 million for every 1 billion of financial risk management and banking relationships, the company claims.
The solution is built on Uplink, an open source distributed ledger platform designed to improve efficiency, security and compliance in modern financial processes. With a messaging and consensus protocol mechanism, the system reduces the complexities associated with managing multi-party workflows.
Banking industry is the largest segment to be benefited by blockchain, with an estimated contribution of about 30 percent of the global blockchain spending. The spending will be largely on cross border payments & settlements and trade finance & post-trade/transaction settlements, according to Worldwide Blockchain Strategies.
Rajesh Dhuddu, global head, Blockchain, Tech Mahindra, said, “With Tech Mahindra focusing on the banking, financial services and insurance (BFSI) sector across the globe, we are happy to collaborate with a financial technology company like Adjoint to enrich our Banking and Insurance Solutions offerings.”
Under this partnership, Tech Mahindra and Adjoint will deliver customized treasury and insurance solutions to Asia, Europe and the US markets, adhering to regulations like GDPR, Dhuddu added.
Somil Goyal, chief operating officer, Adjoint, said the collaboration will help bring digital innovation to the corporate treasury and insurance space.
“Our clients will be able to better manage settlements, loans and investments that may currently be restricted by corporate divisions, countries, or bank accounts, and thus reduce their working capital needs,” Goyal said.
As part of Tech Mahindra’s focus in BFSI sector, the company recently announced collaboration Prometeia, a provider of risk management consulting and software solutions, to provide governance, risk and compliance services to banks.