Mphasis (BSE: 526299; NSE: MPHASIS), a leading IT solutions provider specializing in cloud and cognitive services, today announced blockchain-enabled digital solutions, Wealthchain and Chainsure for the Banking, Financial Services and Insurance vertical. These solutions enhance security, efficiency and governance through which these firms, and their partners jointly create and deliver value and experiences to their customers.
Mphasis has partnered with Loyakk, a provider of blockchain-based business relationship platform to build and deliver customer focused blockchain-enabled solutions for insurance and financial services markets. Mphasis has designed an integrated framework that provisions development of blockchain applications. The framework includes readily available integration stack that helps integrate blockchain faster and simultaneously brings stability to the transformation process.
“Financial services and insurance industries deal with an enormous quantities of sensitive data. Adopting blockchain solutions that will address privacy concerns, improve security measures and deliver valuable experiences to customers is vital,” said Dinesh Venugopal, President, Mphasis Direct and Digital. “Blockchain is a critical technology that all enterprises should strategically leverage; Mphasis continues to bring innovative solutions to customers from both within the organization as well as from the partner and start-up ecosystem.”
These solutions are based on the detailed blueprints – architected by Mphasis based on their deep domain knowledge, competencies and extensive experience working with financial services and insurance organizations globally. The solution stacks also include Loyakk’s patent-pending adaptation of blockchain technology that enables the exchange of information and movement of value throughout a financial services firm’s network. The patent-pending ‘Vega Business Relationship Platform’ makes blockchain technology work for enterprises via configuration and deployment of complex relationship structures, secure access control and multi-context interaction models.
“We are very excited to work with Mphasis to build and deliver robust solutions built on latest transformative technologies for the financial services industry,” said Salim Ali, CEO, Loyakk, Inc. “Both Chainsure and Wealthchain solutions are designed to be delivered as full stack blockchain solutions that incorporate multiple levels of services to drive secure and efficient interactions enhanced by blockchain technology,” he added.
The insurance solution, Chainsure, has been designed to help insurers combine blockchain technology with enterprise capabilities to impact multiple areas of an insurance business. It includes client onboarding, underwriting, policy administration, claims administration, claims fraud management, product innovation, regulatory audit and more.
The Wealth Management solution, WealthChain, has been designed to help wealth management firms and private banks in the areas of client profiling and onboarding, investment allocation, portfolio management and trading & settlement. Wealthchain can help firms comply with AML and KYC requirements, track investment models track and report portfolio changes and get real-time views of individual account performance and variances.