Mphasis and Bitfury Partner to Accelerate Digital Transformation in Global Trade
Those conditions have contributed to a global $1.5 trillion gap between the demand and supply of trade finance.
NEW YORK and AMSTERDAM, May 29, 2019 /PRNewswire/ -- Mphasis, an Information Technology solutions provider specializing in cloud and cognitive services, and the Bitfury Group, the world's leading full-service blockchain technology company, today announced a strategic partnership to bring new levels of automation, transparency and efficiency to the financial services infrastructure that underpins global trade.
Technology is digitizing some areas of trade such as document management, customer due diligence and parts of supply chain finance. However, the systems that handle mission critical activities such as settlement, liquidity management, and foreign exchange (FX) remain highly outdated, inflexible and disjointed. The result is a complex gridlock that limits visibility for all parties and hinders access to liquidity for those who need it most. Those conditions have contributed to a global $1.5 trillion gap between the demand and supply of trade finance.
The agreement between Mphasis and Bitfury seeks to dislodge this complex grid by revolutionizing key areas of the global financial supply chain. Together, Mphasis and Bitfury will work on new forms of tokenization to enable instant settlement of trade transactions, reduce reliance on complex FX infrastructures, and increase flexibility in liquidity management for financial institutions. The new technology will be interoperable; functioning across all types of procure-to-pay networks, distribution platforms and trade finance consortia.
"I am excited to partner with Bitfury to tackle major structural barriers in global trade by applying new technology to old problems," said Andres Ricaurte, Senior Vice President and Global Head of Payments for Mphasis. "Together with Bitfury, I believe we are uniquely positioned to accelerate the development of a more efficient, flexible and future-ready financial supply chain."
"Bitfury is pleased to partner with Mphasis to improve fragmented financial systems, helping to make global trade more efficient," said Valery Vavilov, Chief Executive Officer of Bitfury. "Using blockchain technology, we will create interoperable systems that deliver the highest degrees of trust, transparency and security to this industry."
The partnership builds on deep, complementary expertise, strong portfolios of next-generation financial services platforms; and a common vision to create a more open, efficient and inclusive trade ecosystem.
About Mphasis
Mphasis (BSE: 526299; NSE: MPHASIS) applies next-generation technology to help enterprises transform businesses globally. Customer centricity is foundational to Mphasis and is reflected in the Mphasis' Front2Back™ Transformation approach. Front2Back™ uses the exponential power of cloud and cognitive to provide hyper-personalized (C=X2C2 TM=1) digital experience to clients and their end customers. Mphasis' Service Transformation approach helps 'shrink the core' through the application of digital technologies across legacy environments within an enterprise, enabling businesses to stay ahead in a changing world. Mphasis' core reference architectures and tools, speed and innovation with domain expertise and specialization are key to building strong relationships with marquee clients. Click here to know more.
About The Bitfury Group
The Bitfury Group is the world's leading full-service blockchain technology company. Bitfury™ is building solutions for the future, with the most significant technologies of the millennium. Our mission is to make the world more transparent and trusted by innovating at every level of technology – hardware, security, and software – to put trust back into the equation. Founded in 2011, Bitfury is the leading security and infrastructure provider for the Bitcoin Blockchain. In addition to securing the Bitcoin Blockchain, Bitfury also designs and produces innovative hardware that keeps cryptocurrencies and blockchains secure, including custom semiconductor chips and mobile datacenters. Bitfury is also a software provider for the some of the world's most cutting-edge applications through its Exonum™ private blockchain framework, its Crystal™ Blockchain advanced analytics platform, and its specialized engineering team for the open- source Lightning Network, Lightning Peach. To learn more, visit www.bitfury.com.
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