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Synechron Inc., a global financial services consulting and technology services provider, has launched its Blockchain Accelerator Program with six blockchain applications available in the cloud, including an insurance-specific application. These applications enable financial services firms to be up-and-running on a blockchain network or in a ‘sandbox’ environment within weeks, according to the vendor, who characterizes the capabilities as a first-mover advantage with the potential to change the fundamental economics of their businesses.
Synechron says the Accelerator Program delivers an end-to-end solution complete with business consulting services ranging from functional specifications to technical architecture design; blockchain technology delivery and training programs through Synechron’s FinLabs; and UX design that will enable financial institutions to customize their blockchain application to their unique business needs. As experts in banking operations, technology and digital transformation, Synechron’s FinLabs team of 50 business and technology experts located in New York, London and Bangalore is uniquely qualified to provide these services.
Blockchain delivers an environment of trust to the insurance sector, according to Tim Coates, managing consultant, Synechron. “Insurers want to reduce claims handling costs and fraud losses,” he comments. “Customers want certainty that legitimate claims will be paid in a timely, transparent and objective manner—without commercial biases working against them. We have developed an accelerator for retail insurance products that leverages existing authoritative source data to automatically execute an objective set of policy criteria and pay out automatically on the blockchain.
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:
- Blockchain Accelerator for Global Payments – allowing firms to pay any bank connected to the crypto currency rails using a single reserve, minimizing the amount of capital required to make transactions easier, cheaper and faster.
- Blockchain Accelerator for Trade Finance – creating digital versions of transactions, generating smart contracts, centralizing underlying collateral information on a distributed ledger across a private network to increase efficiency, eliminate “double spend” fraud, enhance data quality and reduce settlement time.
- Blockchain Accelerator for Smart Margin Calls – using smart contracts to determine the valuation of the trade portfolio, handle margin calls and initiate track and validate margin payments for increase efficiency, automated settlements, enhanced accuracy and significant cost-reduction.
- Blockchain Accelerator for Insurance Claims Processing – using smart contracts, enabling auto-execution of insurance claims and payments on an authoritative data feed for reduced risk and fraud and decreased processing costs.
“We believe in blockchain’s transformative potential for the financial services industry,” comments Faisal Husain, CEO, Synechron. “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.”
Synechron reports that its Blockchain Applications are available in a cloud environment and deliver working modular code and a sandbox environment to minimize development time, infrastructure and investment. The applications use an agile design approach and industry-leading blockchain technologies such as Ethereum, Hyperledger, Eris and Ripple. As Synechron’s blockchain apps are available via the cloud and compatible with today’s hybrid cloud environment, firms will have the ability to experiment without additional infrastructure expense and will get to market faster, the vendor asserts.