Tech Mahindra, Adjoint bring blockchain solution for financial, insurance services

London, UK – New Delhi, India: Tech Mahindra and Adjoint, a global financial tech firm have announced industry’s first blockchain solution for secure enterprise financial management and insurance services across locations to create a seamless and reliable customer experience.

With this solution customers will save up to $4 million for every 1 billion of financial risk management and banking relationships. It is built upon Uplink, an open source distributed ledger platform designed to improve efficiency, security and compliance in modern financial processes.

It has a messaging and consensus protocol mechanism through which the participants in the Blockchain ecosystem agree on the data to be put in the blockchain ledger. It allows enterprises to quickly deploy, maintain, verify and execute secure, multi-party workflows.

“Tech Mahindra will partner with Adjoint to provide customized treasury and insurance solutions to Asia, Europe and the US markets. The solutions will help the clients improve profitability, efficiency and will help protect sensitive information in general data protection regulation (GDPR) compliant fashion,” said Rajesh Dhuddu,Global Head – Blockchain, Tech Mahindra,

The Adjoint solution would enable enterprises to validate the business case with their own data in their own secure environment and help in eliminating out-of-order and double data entry, creating a seamless and reliable user experience backed by data integrity and quality. Auditors can be given access to an immutable record of all transactions, facilitating reporting and compliance as well.

“Our collaboration with Tech Mahindra will help us bring digital innovation to the corporate treasury and insurance space. Our clients will be able to better manage settlements, loans and investments that may currently be restricted by corporate divisions, countries, or bank accounts, and thus reduce their working capital needs. Our solutions provide secure, end to end automation of business processes which reduces costs and eliminates the cumbersome process of data entry and reconciliations, which is common today in banks and corporates,” said Somil Goyal, COO – Adjoint.

This collaboration is in line with Tech Mahindra’s TechMNxt charter which focuses on leveraging next generation technologies and solutions, like Blockchain. The underlying priority is to enable digital transformation, build and deliver cutting-edge technology solutions and services to address real world problems and meet the customer’s evolving and dynamic needs.

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