Mid-tier IT firm, Mphasis reveals that it has now collaborated with the Bitfury for the digitalization of financial services related to the international trade.
The collaboration, whose financial terms as of now are not disclosed, is now expected to bring the automation, efficiency, and transparency in the financial services infrastructure that even forms the backbone of the global trade.
The Mphasis reveals that the technology was digitalizing some of the areas of trade such as the customer due intelligence, document management and parts of supply chain finance.
Bitfury provides with the hardware and software solutions which are necessary for businesses, organizations, and governments to securely move assets across the blockchain.
Mphasis reveals that the partnership is aimed to solve this gridlock as these sub-optimal conditions have also contributed to a global $1.5 trillion gap between the supply and demand of the trade finance.
“The partnership with Bitfury will tackle major structural barriers in global trade by applying new technology to old problems. We are looking to accelerate the development of a more efficient, flexible and future-ready financial supply chain,” said Andres Ricaurte, senior vice-president and global head of payments for Mphasis.
“Using blockchain, we will create inter-operable systems that deliver the highest degrees of trust, transparency and security to this industry. We look forward to finding solutions in this fragmented financial systems, thereby making global trade more efficient,” said Valery Vavilov, chief executive and founder of Bitfury.