ConsenSys, Synechron and BlockApps are joining forces in a collaboration designed to offer their shared client base assistance in understanding and using blockchain technology applications in the financial services (FS) arena.
Clients of the three firms will be able to access next generation blockchain infrastructures and applications to solve issues like native data privacy on a private blockchain; scalability for market data applications; and critical interoperability across the Ethereum ecosystem. The vendors say these have been some of the greatest barriers to FS blockchain adoption so far.
The collaboration is intended to give global financial institutions (FIs) access to a combined team of blockchain architects and FS specialists in order to accelerate their application development initiatives.
ConsenSys and BlockApps gain access to Synechron’s 6,000-person global team of specialized FS consultants, blockchain ‘developers for hire’, and front-end user experience (UX) and customer experience (CX) design experts. The aim is to help clients develop and more rapidly scale up production-ready blockchain applications.
Synechron has a blockchain accelerator program, which includes six modular applications for trade finance; know your customer (KYC) compliance utilities; payments; smart margins; mortgage finance; & processing and insurance claims processing. The accelerators deliver working code that FIs can plug into speed up their own development initiatives. With the help of its new partners it hopes to add accelerators for total return swaps; call spreads; syndicated loans; bond issuance; tokenized securities; and tokenized fiat currencies.
ConsenSys will provide Synechron with access to its blockchain application development toolkits and the Ethereum ecosystem, improving its technical depth. BlockApps will offer its Strato blockchain infrastructure product to the combined development capabilities.
Commenting on the deal, Faisal Husain, co-founder and CEO of Synechron, said: “While blockchain has the potential to be a transformative technology, FIs need highly-customized applications that take into consideration their business operations and unique technical requirements. We’re delighted to be working with ConsenSys and BlockApps [on this].”
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A global survey by The Economist Intelligence Unit and Standard Chartered finds that nearly half the firms participating believe they will be more efficient within five years, while one in three sees them becoming longer and more complex.