As a part of the partnership, both the organizations will jointly develop solutions that combine the domain expertise of NIIT Technologies and leverage R3's Corda platform and pursue customer opportunities.
Sudhir Singh, CEO, NIIT Technologies stated,"Our partnership with R3 is yet another milestone in strengthening our capabilities in the emerging technologies space. Through these solutions, our customers will be able to realize the full potential of blockchain and drive transformation in their businesses - executing complex logic to exchange of assets directly, simply and in strict privacy, without the need for costly reconciliation."
David E. Rutter, CEO of R3,"NIIT Technologies is a global leader in bringing the latest cutting edge technologies, from cloud computing to artificial intelligence, to enterprises across a wide range of sectors. This makes NIIT Technologies a perfect partner for R3, with our focus on developing blockchain technology tailored to the demands of enterprise. Corda will enable NIIT Technologies to exchange data securely and efficiently, developing new solutions to meet the evolving needs of its global client base."
Corda is the world's only enterprise blockchain platform designed to record, manage and synchronize contracts and other shared data between trading partners and to meet the complex requirements of the world's largest financial institutions. As Corda was designed to meet the highest standards of the financial services industry, one of the most complex and highly regulated industries in the world, it can also be applied seamlessly to all other areas of commerce.
With this partnership, NIIT Technologies has joined R3's global network of more than 200 of the world's largest financial services firms, technology companies, central banks, regulators, and trade associations working together on Corda. NIIT Technologies had recently also launched Chain-m, a Blockchain application which enables airlines and partners to quickly reconcile the transactions through smart contracts built on Chaincode.
About NIIT Technologies Ltd.
NIIT Technologies is a leading global IT solutions organization, enabling its clients to transform at the intersect of unparalleled domain expertise and emerging technologies to achieve real-world business impact. The Company focuses on three key verticals: Banking and financial services, Insurance, Travel and Transportation. This domain strength is combined with leading-edge capabilities in Data & Analytics, Automation, Cloud, and Digital.
With over 10,000 employees serving clients across Americas, Europe, Asia, and Australia, NIIT Technologies fosters a culture that promotes innovation and constantly seeks to find new yet simple ways to add value for its clients.
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.
R3's global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 is backed by investment of over USD 120 million from more than 45 firms.
The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions' financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.