Mizuho Financial Group Taps Cognizant to Develop a Distributed Ledger Solution for More Efficient and Secure Trade Finance

Mizuho Financial Group Taps Cognizant to Develop a Distributed Ledger Solution for More Efficient and Secure Trade Finance
26.04.2017 12:30 pm

Mizuho Financial Group Taps Cognizant to Develop a Distributed Ledger Solution for More Efficient and Secure Trade Finance

Trade Finance

Cognizant today announced that it has been selected by Mizuho Financial Group, one of the largest financial institutions in the world, to develop a distributed ledger solution to make trade finance more efficient and secure.

Cognizant will use Corda, a distributed ledger platform developed by R3, a consortium of the world's largest financial institutions, to digitize trade documents such as letters of credit and bills of lading. This will provide Mizuho Financial Group and its customers with a framework to explore the use of distributed ledger technology to reduce fraud, delays and other business risks arising from costly paperwork, and provide enhanced visibility to all parties involved in the trade and transport value chain.

The engagement marks the expansion of a strategic partnership between Mizuho Financial Group and Cognizant to leverage distributed ledger technology for building new work processes to make transactions and digital interactions more secure, efficient and cost-effective, thereby delivering superior experience to customers.

"We are pleased to be the early adopters of distributed ledger technology in Japan to power our processes and workflows," said Daisuke Yamada, Managing Executive Officer and Chief Digital Innovation Officer of Mizuho Financial Group. "We continue to work aggressively towards expanding the implementation of new technologies across the group in order to provide better and advanced financial services to our customers. Cognizant's global financial services and digital transformation expertise complements our vision and has opened additional avenues for us to tap the potential of distributed ledger technology." 

"Trade finance has been a major area of focus for R3 and our members over the last year," said David E Rutter, CEO of R3. "Corda's unique technology was developed specifically to address the type of challenges this industry faces, making traditionally paper-based processes more secure, cost-effective and efficient. It's the only distributed ledger platform built from the ground up in direct response to the specific pain points encountered by market participants in areas such as trade financing."

"Distributed ledger technology heralds a significant opportunity for the financial services industry to create greater trust and accountability," said Prasad Chintamaneni, President of Global Industries and Consulting at Cognizant. "We have developed comprehensive capabilities over the years to be a trusted advisor in the fast-moving distributed ledger market and are diligently investing in solutions that bring together best-in-class technology with the full-suite of services necessary to realize distributed ledger's full potential. We are proud to be partners with pioneering organizations such as Mizuho Financial Group in paving the way for distributed ledger innovations of tomorrow."

Related News

Finastra named best global trade finance software provider

Finastra has been named best global trade finance software provider by Global Finance at the Trade Finance Awards 2020.... Read more »

Bolero International partners with Traydstream to automate scrutiny and compliance checking of trade documents

Bolero International is partnering with Traydstream, the leader in Trade document scrutiny using artificial intelligence (AI), to provide a powerful automatic document checking... Read more »

Traydstream expands into Africa with Stanbic Bank mandate

Stanbic Bank Uganda (SBU) and Traydstream Ltd have signed an agreement to implement the Traydstream platform at SBU. This platform is intended to digitize the current manual... Read more »

Commerzbank and LBBW have set a new milestone in the digitalisation of commercial transactions based on blockchain technology

LBBW and Commerzbank have once again executed a trade transaction between Voith and KSB SE, via the Marco Polo trade finance network, built on R3’s distributed ledger... Read more »

Traydstream and Nokia, along with three of its advising banks, embark on a pilot ecosystem

Traydstream, the machine learning-based trade rules and compliance-checking platform, is excited by a new pilot partnership with Finnish multinational exporter, Nokia... Read more »

The Biggest Buy Side FX Gathering

This September over 250 heads of FX trading and portfolio management from Europe’s leading buy side firms will be exclusively gathering in Barcelona again for TradeTech FX.... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel