SEI (NASDAQ: $SEIC) and Synechron Join Forces for #Blockchain Utilization
SEI Evaluates Distributed-ledger Technology and Offers Training for In-house Experts
OAKS, Pa. - March 7, 2018 (Investorideas.com Newswire) 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, and authenticates transactions without the need for a central authority or intermediary. Through this collaborative exploration, SEI aims to discover opportunities for cost-savings, efficiency, quality, and security gains, benefiting the company's clients and its business.
"We are excited to work with Synechron in our endeavor to unleash the potential of blockchain technology and its value 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 investment services and 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 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."
Now in its 50th year of business, SEI (NASDAQ: SEIC) is a leading global provider of investment processing, investment management, and investment operations solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of December 31, 2017, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages, advises or administers $861 billion in hedge, private equity, mutual fund and pooled or separately managed assets, including $337 billion in assets under management and $518 billion in client assets under administration. For more information, visit seic.com.
Synechron is a global consulting and technology organization providing innovative solutions to the financial services industry through its three main business focus areas: digital, business consulting, and technology. Based in New York, the company has 18 offices around the globe, with over 8,000 employees producing over $500M in annual revenue. For more information on the company please visit the website or our LinkedIn community.
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