EPAM Systems announced a partnership with Fnality International 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.
EPAM is a global provider of digital platform engineering and software development services and Fnality is a consortium of wholesale banks founded to create a network of distributed Financial Market Infrastructures (dFMIs). Rhomaios Ram, CEO of Fnality International, said in a statement: “(EPAM) will be integral in delivering the Fnality Payment System to enterprise grade.”
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.
Ben Brinkworth, head of Financial Services in UK & Ireland for EPAM, said in a statement: “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.”
Due to the current environment with COVID-19, EPAM quickly shifted the project model to a distributed remote working environment by leveraging virtual workshops and agile methodologies. After demonstrating the successful operation of the first use case on the system, Fnality and EPAM will add more currencies, legal entities from shareholders, as well as additional participants and business applications in 2021.