SEI (NASDAQ:SEIC) today announced its strategic partnership with Synechron, a global consulting and technology organization, to support SEI’s efforts to employ blockchain technology in the financial services industry through use cases and the establishment of SEI’s Blockchain Center of Excellence.
Building upon the company’s other blockchain projects, SEI has teamed up with Synechron to align blockchain capabilities with innovative product initiatives. SEI is focused on the capitalization of distributed-ledger technology (DLT), as it processes, validates, or authenticates transactions without the need for a central authority or intermediary. Through this collaborative exploration, SEI aims to discover opportunities for cost, efficiency, quality, and security gains, benefiting our clients and our business.
“We are excited to work with Synechron in our endeavor to unleash the potential of blockchain technology and its benefits for our clients,” said Richard Godwin, Blockchain Strategy Lead at SEI. “Smart contracts enable automation of off-ledger contractual obligations, and with this, DLT stands to provide a variety of benefits in business process management and reconciliation processes. Synechron’s experience working with organizations within the financial services and technology sectors will support us as we navigate opportunities for development and implementation.”
Synechron will aid SEI’s efforts to advance learning and technical proficiency through SEI’s Blockchain Center of Excellence. With a strict financial services background, Synechron is platform-agnostic, working with major platforms that include Corda, Quorum, Ethereum, and Fabric. The company’s curriculum is designed to help solve real challenges within the industry and will build SEI’s internal team of certified experts to support the development of use cases and SEI’s core blockchain competency. Synechron’s program is supported by R3, a financial services blockchain consortium and distributed-ledger technology platform company.
“Enterprise blockchain application development is reaching a new level of maturity within financial services. It is incredibly encouraging to see a leading asset management technology innovator like SEI making a meaningful commitment to cultivate talent and explore DLT use cases,” said Sandeep Kumar, Managing Director and Blockchain Center of Excellence (COE) Lead at Synechron. “We’re delighted to draw on our experience conceptualizing and building decentralized applications (DApps) across multiple DLT platforms to work alongside SEI in this process, and we believe its robust client network will provide a strong advantage for any future application adoption.”