Synechron launches six blockchain accelerator applications in the cloud

Synechron, the New York-based financial services consulting and technology services provider, has launched its blockchain accelerator program that includes its first six blockchain applications available in the cloud. The firm says that the applications enable financial services firms to be up-and-running on a blockchain network or in a ‘sandbox’ environment within weeks. The rapid time-to-market “provides a first-mover advantage to firms that leverage blockchain as a revolutionary technology with the potential to change the fundamental economics of their businesses.”

Synechron adds that the six blockchain accelerators address areas where market participants have the potential to experience blockchain’s most tangible benefits in enhancing business operations, minimising operating costs and combatting fraudulent activity.

1. Blockchain accelerator for global payments– allowing firms to pay any bank connected to the cryptocurrency rails using a single reserve, minimising the amount of capital required to make transactions easier, cheaper and faster.
2. 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.
3. 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 increased efficiency, automated settlements, enhanced accuracy and significant cost-reduction.
4. 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.
5. Blockchain accelerator for KYC– creating a centralised know-your-customer (KYC) utility model allowing utilities to differentiate themselves and enhance anti-money laundering (AML) and credit controls.
6. Blockchain accelerator for mortgage financing and processing– allowing loans that currently are documented in a company’s private ledger to transition to a centralised ledger to increase transparency, expedite loan settlement and reduce overall risk.

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