New payment systems integrate cross-border financial transactions capability in a remote, distributed working environment to improve efficiencies, enable faster trade settlement and reduce risk
EPAM Systems, a leading global provider of digital platform engineering and software development services, announced a partnership with Fnality International, a consortium of wholesale banks founded to create a network of distributed Financial Market Infrastructures (dFMIs), to deliver payment-on-chain to support tomorrow’s wholesale banking requirements. EPAM will provide Fnality with software development services to create a series of new national peer-to-peer Fnality Payment Systems (FnPS) as well as facilitate its integration and interoperability within blockchain networks or legacy systems.
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Processing a trade transaction today involves multiple parties and locations, especially in cross-border commerce, leading to delayed or failed settlements and exposure to increased risk. With a blockchain payment system, all the contractual obligations are discharged Peer to Peer and are irrevocable and instantaneous. The Fnality Payments Systems will settle tokenized value transactions and reduce reliance on intraday unsecured credit transactions. Further, the distributed nature of FnPS will eliminate negative system impact from individual participants or nodes – resulting in faster settlements and reduced systemic, operational and credit risks.
“With more than 25 years of next-gen technology expertise honing collaborative, productive and secure remote working practices, EPAM is uniquely positioned to engineer and optimize Fnality’s innovative payment infrastructure in an agile and distributed working environment,” said Ben Brinkworth, Head of Financial Services in UK & Ireland, EPAM. “As banks look to reduce costs now more than ever, our partnership with Fnality will enable the wholesale banking sector to increase business agility, reduce systemic and credit risk and improve settlement efficiency through new Fnality Payment Systems.”
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