Home Deals Cognizant, Mizuho team to develop distributed ledger solution

Cognizant, Mizuho team to develop distributed ledger solution

Global IT and business process services provider Cognizant has been selected by the Japan-headquartered Mizuho Financial Group to develop a distributed ledger solution to make trade finance more efficient and secure in its global operations.

Cognizant will use Corda, a distributed ledger platform developed by R3, a consortium of the world’s largest financial institutions, to digitise trade documents such as letters of credit and bills of lading. This will provide Mizuho 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.

It will also provide enhanced visibility to all parties involved in the trade and transport value chain.

The deal marks the expansion of a strategic partnership between the New York-listed Mizuho and Cognizant to leverage distributed ledger technology for building new work processes to make transactions and digital interactions more secure, efficient and cost-effective.

“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.”  

“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 adviser 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 realise distributed ledger’s full potential. We are proud to be partners with pioneering organisations such as Mizuho Financial Group in paving the way for distributed ledger innovations of tomorrow.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).