Mphasis, R3 join hands to develop blockchain-based payments solution

Mphasis, an Information

Technology (IT) solutions provider specialising in cloud and cognitive services, on Tuesday announced its partnership with R3, a leading global enterprise software firm.

The two companies came together to jointly create innovative blockchain-enabled payment solutions and take them to market, said Mphasis in a statement.

The partnership will focus on the acceleration of ALTATM, the digital payments and supply chain finance ecosystem formed by Mphasis to connect global enterprises, their supply chains, and a wide range of financial services and infrastructure providers into a modern value transfer network for global trade, the statement read.

The solution will provide Mphasis customers with access to a suite of next generation payments, working capital, and foreign exchange services that can be seamlessly deployed on Corda, it added.

According to MPhasis, Corda is a blockchainplatform that removes costly friction in business transactions across every industry, from financial services and healthcare to oil and gas. It enables institutions to transact directly using smart contracts, while ensuring the highest levels of privacy and security.