Mphasis, an Information Technology solutions provider specializing in cloud and cognitive services, and the Bitfury Group, full-service blockchain technology company, 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handle mission critical activities such as settlement, liquidity management, and foreign exchange (FX) remain highly outdated, inflexible and disjointed.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.