EPAM Partners with Fnality to Develop Next-Generation Blockchain-Based Payment Systems
Press Release: May 27, 2020
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
The financial services industry is undergoing a digital revolution and with growing interest in digital assets, the need for digital cash in the form of cash on ledger is increasing exponentially. EPAM and Fnality are creating a next generation payment system infrastructure that will be the catalyst to drive true peer-to-peer financial markets and is backed by a consortium of financial institutions, including some of the world's most important banks. 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.
"We're very pleased to have EPAM join with Fnality as strategic partners as we launch into the main technical delivery of the solution," said Rhomaios Ram, CEO of
To learn more about EPAM's blockchain expertise, visit http://www.epam.com/our-work/financial-services. For more information about Fnality, visit www.fnality.org/.
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For additional information about Fnality, please reach out to enquiries@fnality.org or visit www.fnality.org
Forward-Looking Statements
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Annual Report on Form 10-K and other filings with the
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Emily Catuzzi, M: 215.720.4644, emily_catuzzi@epam.com