Synechron Launches Blockchain Accelerator for Smart Margin Calls, KYC

Synechron Inc., a global financial services consulting and technology services provider, today announced the launch of its Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term Accelerator Program that includes its first six blockchain applications available in the cloud. These applications are meant to enable financial services firms to be up-and-running on a blockchain network within weeks and use established technologies such as Ethereum, Hyperledger, Eris and Ripple.

Join the industry leaders at the Finance Magnates London Summit, 14-15 November, 2016. Register here!

The Accelerator Program delivers business consulting services; blockchain technology delivery and training programs through Synechron’s FinLabs; and UX design that will enable financial institutions to customize their blockchain application.

Synechron has identified six areas where market participants have the potential to experience blockchain’s most tangible benefits in enhancing business operations, minimizing operating costs and combatting fraudulent activity. Synechron’s Blockchain Accelerators include: Global Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, Trade Finance, Smart Margin Calls, Insurance Claims Processing, KYC and Mortgage Financing & Processing.

Using smart contracts to determine the valuation of the trade portfolio, Smart Margin Calls can initiate track and validate margin payments for increased efficiency, automated settlements, enhanced accuracy and significant cost-reduction. The final contract can be validated by both counterparties, eliminating the need for back-and-forth communications.

Faisal Husain, Synechron CEO, said: “We believe in blockchain’s transformative potential for the financial services industry. By collaborating with our clients we have developed blockchain applications that solve real-world problems. These Blockchain Accelerators provide working code enabling our clients to experiment with and refine their blockchain strategies. In the race to deploy the technology, this program offers them the ability to gain a first-mover advantage.”