R3, a leading global enterprise software firm behind Corda blockchain, will work with Mphasis, an India-based Information Technology (IT) solutions provider specializing in cloud and cognitive services, to develop innovative blockchain-based payments for a wide range of services and then take them to market.
According to an announcement by Mphasis on Tuesday, October 20, the company will leverage R3’s Corda blockchain to expand its payments and trade finance technology solutions portfolio.
As part of initial efforts, the partnership will focus on the acceleration of ALTA, a “digital payments and supply chain finance ecosystem formed by Mphasis to connect global enterprises, their supply chains, and a wide range of financial services and infrastructure providers into a modern value transfer network for global trade.”
According to Mphasis, financial resilience plays in the sustainability of every supply chain, and with the addition of Corda to this solution, Mphasis customers will have access to a suite of next-generation payments, working capital, and Foreign Exchange services.
Mphasis said that due to the scalability, low-latency, and encrypted environment in which Corda operates, ALTA will allow small and medium-sized businesses (SMBS) to easily and digitally access working capital and other financial services that will help bolster and strengthen the entire supply chain.
Mphasis, based in Banglore, India, is an IT company specialized in Cloud and cloud and cognitive services. The company offers next-generation technology solutions to help enterprises transform businesses globally. Through the use of blockchain technology, ALTA aims to bring together enterprises and their supply chains, banks and financiers, fintech startups, ISVs, technology and infrastructure providers, and academia.
Srikumar Ramanathan, Senior Vice President of Global Head Industry Solutions at Mphasis, commented:
“Through the ALTATM Payments Innovation Program – a part of the Sparkle Innovation Lab –, we have been working on various ways to transform traditional trade assets into tokenized, liquid instruments that can serve as the basis for a new digital, networked value transfer ecosystem. The partnership with R3 will allow us to accelerate co-development and go-to-market on the Corda platform.”
R3 is an enterprise blockchain software firm based in New York. The company’s developed Cora blockchain is being used in industries from financial services to healthcare, shipping, insurance, and more.
Dorothy Copeland, Global head of Alliance and Ecosystems at R3, stated:
“To support a meaningful and sustainable re-activation of global supply chains, we must embrace more flexible, efficient, and resilient models that enable a higher level of visibility and collaboration between banks, buyers, and suppliers. We are thrilled to be working jointly with Mphasis to create innovative blockchain-based payment solutions.”
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