Synechron launches 3 FinTech blockchain apps on Azure Marketplace

Synechron Inc., the global financial services consulting and technology services provider announced that demo versions of a select group of its blockchain applications will be made available on the Microsoft Azure Marketplace. These include the Blockchain Accelerator for Trade Finance now available on Quorum, the Blockchain Accelerator for Insurance Claims Processing on Ethereum, and the Blockchain Accelerator for Smart Margin Calls now available on Corda.

The general demo availability of the three new blockchain applications on the Azure Marketplace focus on six industry use cases: Trade Finance, KYC, Margin Call Management, Insurance Claims Processing, Mortgage Financing & Processing, and Global Payments.

These solutions extend leading ledger platforms including Ethereum, Quorum, Hyperledger’s Fabric, Corda, and Ripple. Synechron’s Blockchain Accelerators can be rapidly deployed into the Microsoft cloud by anyone with an Azure subscription, making it easy for clients to choose a cloud-based deployment model with enterprise security in mind.

Microsoft is building an open, ecosystem-driven platform for Blockchain app development. Through partners like Synechron, we’re empowering businesses to accelerate their own blockchain initiatives. We’re excited to offer these three Accelerators, which show customers what Blockchain applications could potentially look like.

Marley Gray, Principal Architect for Azure Blockchain

More information on these three Blockchain applications from Synechron can be found below:

  • Blockchain Accelerator for Trade Finance – creates digital versions of transactions, generates smart contracts, centralizes underlying collateral information on a distributed ledger across a private network to increase efficiency, eliminates “double spend” fraud, enhances data quality and reduces settlement time.
  • Blockchain Accelerator for Smart Margin Calls – uses smart contracts to determine the valuation of the trade portfolio handles margin calls and initiates track and validates margin payments for increased efficiency, automated settlements, enhanced accuracy and significant cost-reduction.
  • Blockchain Accelerator for Insurance Claims Processing – uses smart contracts, enables auto-execution of insurance claims and payments on an authoritative data feed for reduced risk and fraud and decreased processing costs.

Developing innovative, real-world solutions drives everything we do, so being the first company to share working blockchain applications on Azure is incredibly significant for us…We have no doubt that this will help stimulate further interest in the potential of blockchain, enabling financial services firms to accelerate their blockchain initiatives.

Faisal Husain, Co-founder, and CEO, Synechron


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