IT firm Mphasis has launched a new blockchain-enabled digital solution for the wealth management industry in collaboration with Loyakk, a blockchain platform provider.
The solution, dubbed Wealthchain, aims to help wealth management firms and private banks in client profiling and onboarding, investment allocation, portfolio management as well as trading and settlement.
The solution will also enable firms to adhere to AML and KYC norms, track investment models and allow individuals to view account performance in real time.
Mphasis direct and digital president Dinesh Venugopal said: “Adopting blockchain solutions that will address privacy concerns, improve security measures and deliver valuable experiences to customers is vital. Blockchain is a critical technology that all enterprises should strategically leverage; Mphasis continues to bring innovative solutions to customers from both within the organization as well as from the partner and start-up ecosystem.”
Wealthchain combines Mphasis’ detailed blueprints and Loyakk’s patent-pending adaptation of blockchain.
“The patent-pending ‘Vega Business Relationship Platform’ makes blockchain technology work for enterprises via configuration and deployment of complex relationship structures, secure access control and multi-context interaction models,” Mphasis said.
The company also launched an insurance solution, dubbed Chainsure, to enable insurance companies club blockchain technology with enterprise capabilities.