In Symbiosis’s Digital Transformations, we’ve worked closely with clients to understand which digital technologies are exciting them (and worrying them) and what business challenges they hope to solve. Together, we developed new technology code and operational architecture to dramatically improve time-to-market for these initiatives and unlock billions of dollars in operational savings and transform global financial operations. We’ve essentially created a blockchain road map to operational excellence and efficiency.
We then saw an opportunity to take what we’d learned in our Financial Innovation Labs and use it to help other companies accelerate their own blockchain projects - because after all, blockchain by its nature gains strength based on the number of entities using the network.
The Symbiosis Blockchain Accelerators can provide financial institutions with solutions that provide:
Automation of the extensive manual intervention required in many operational cycles - telephone calls, emails, papers or proprietary user identification systems - eliminate redundant tasks, direct processing costs and human error. Payments transfers using digital currencies dramatically reduce third party fees.
Transactions stored on a blockchain are virtually tamper-proof. The distributed database requires that all parties reach a consensus on database contents, so no single party can alter the transaction chain without the permission and knowledge of all other parties.
Shared access to and validation of transactions increases the trust in the integrity of any individual transaction and its accuracy. All parties using the blockchain network view the same contents, making it impossible for multiple uses (or spending) of a single transaction.
Blockchain-based systems can eliminate counterparties and create more efficient bilateral settlement relationships. Cycle times are faster because of streamlined workflows and reduced paper processing.
When redundant data entry is eliminated and cycle times are faster, customers generally are more satisfied. Financial institutions struggling to make legacy processes easier can find process improvements with the strategic application of blockchain technology.
Symbiosis’s Blockchain Accelerators are working applications that will show you how blockchain can solve real-world operational problems. They will accelerate your integration and deployment program.
Symbiosis has created process frameworks and application code for six industry and process blockchain accelerator solutions.
Reduce costs throughout the mortgage value chain by leveraging blockchain technology to provide more efficient interactions with suppliers, agents and customers.
Apply the intelligence of blockchain technology to derivatives contracts and make lengthy, manual margin calls more timely and less costly.
The Symbiosis Blockchain Accelerator for Trade Finance provides working, usable code for trade-finance applications, not just presentation diagrams and theoretical improvements.
Customers receive greater certainty of fair treatment by the insurer when their goods are lost or stolen, and insurers gain cost reductions and better customer relationships.
Reduce payment costs while remaining in compliance by using the Ripple network for international remittance and interbank transfers.
Obtain critical mass in a know-your-customer (KYC) utility and significantly reduce operations and compliance costs by applying blockchain technology to the KYC utility model.