Synechron's Blockchain Accelerator Program includes its first six blockchain applications available in the cloud. These applications aim to help financial services firms to be quickly up-and-running on a blockchain network or in a 'sandbox' environment.
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 help financial institutions to customize their blockchain application according to their business needs.
Synechron has identified six areas where market participants can enhance business operations, minimize operating costs and combat fraudulent activity.
Synechron's Blockchain Accelerators:
1. Blockchain Accelerator for Global Payments - allowing firms to pay any bank connected to the cryptocurrency rails using a single reserve, minimizing 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 centralized KYC utility model allowing utilities to differentiate themselves and enhance anti-money laundering (AML) and credit controls.
6. Blockchain Accelerator for Mortgage Financing & Processing - allowing loans that currently are documented in a company's private ledger to transition to a centralized ledger to increase transparency, expedite loan settlement and reduce overall risk.
Synechron's Blockchain Applications are available in a cloud environment and deliver working modular code and a sandbox environment intended to minimize development time, infrastructure and investment. These applications use blockchain technologies such as Ethereum, Hyperledger, Eris and Ripple.