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Tech Mahindra and Adjoint collaborate on Blockchain solution for BFSI sector

With this solution customers could save up to$4 million for every one billion of financial risk management and banking relationships, it said.

ET Bureau|
Aug 29, 2019, 01.54 PM IST
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Block chain
The Adjoint solution would enable enterprises to validate the business case with their own data in their own secure environment and help in eliminating out-of-order and double data entry, creating a seamless and reliable user experience.
Digital solutions firm Tech Mahindra and financial technology firm Adjoint announced that they will collaborate on what will be the industry’s first Blockchain solution for secure enterprise financial management and insurance services. With this solution customers could save up to$4 million for every one billion of financial risk management and banking relationships, it said. The solution is built upon Uplink, an open source distributed ledger platform designed to improve efficiency, security and compliance in modern financial processes. It has a messaging and consensus protocol mechanism through which the participants in the Blockchain ecosystem agree on the data to be put in the blockchain ledger. It allows enterprises to quickly deploy, maintain, verify and execute secure, multi-party workflows.

Rajesh Dhuddu, Global Head Blockchain, Tech Mahindra, said, “Tech Mahindra will partner with Adjoint to provide customized treasury and insurance solutions to Asia, Europe and the US markets. The solutions will help the clients improve profitability, efficiency and will help protect sensitive information in general data protection regulation (GDPR) compliant fashion.”

The Adjoint solution would enable enterprises to validate the business case with their own data in their own secure environment and help in eliminating out-of-order and double data entry, creating a seamless and reliable user experience. Auditors can be given access to an immutable record of all transactions, facilitating reporting and compliance as well.

Somil Goyal, Chief Operating Officer, Adjoint, said,” Our collaboration with Tech Mahindra will help us 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. Our solutions provide secure, end to end automation of business processes which reduces costs and eliminates the cumbersome process of data entry and reconciliations, which is common today in banks and corporates.”
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