Tech Mahindra and Adjoint have announced “industry’s first” blockchain solution for secure enterprise financial management and insurance services across locations. With this solution customers are said to save up to US$ 4 million for every one billion of financial risk management and banking relationships.
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 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 customised treasury and insurance solutions to Asia, Europe and the US markets. The solutions will help clients improve profitability, efficiency and will help protect sensitive information in general data protection regulation (GDPR) compliant fashion. With Tech Mahindra focusing on the BFSI sector across the globe, we are happy to collaborate with a financial technology company like Adjoint to enrich our banking and insurance solutions.”
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 backed by data integrity and quality. 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.”
This collaboration is in line with Tech Mahindra’s TechMNxt charter which focuses on leveraging next generation technologies and solutions, like blockchain.