FinTech Firm Synechron Partners With SEI For Blockchain Utilization
Financial services company SEI has partnered with financial technology provider Synechron to support SEI’s efforts to employ blockchain technology in the financial services industry.
SEI is a global provider of asset management, investment processing, and investment operations solutions for institutional and personal wealth management. SEI serves about 8,200 clients, including banks, trust institutions, wealth management organizations, not-for-profit organizations, hedge fund managers, and high-net-worth families. As of December 31, it manages, advises or administers $861 billion in hedge, private equity, mutual fund and pooled or separately managed assets.
Based in New York, Synechron provides solutions to the financial services industry through its three main business focus areas: digital, business consulting, and technology. The company has 18 offices around the globe, with over 8,000 employees producing over $500 million in annual revenue.
Under the agreement, Synechron will aid SEI’s efforts to advance learning and technical proficiency through SEI’s Blockchain Center of Excellence. Synechron wil help SEI build its 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.
SEI is focused on the capitalization of blockchain technology, as it processes, validates, and authenticates transactions without the need for a central authority or intermediary. Through this partnership, SEI aims to discover opportunities for cost-savings, efficiency, quality, and security gains, benefiting the company’s clients and its business.
“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,” said Richard Godwin, Blockchain Strategy Lead at SEI. “Synechron’s experience working with organizations within the financial services and technology sectors will support us as we navigate opportunities for development and implementation.”
“Enterprise blockchain application development is reaching a new level of maturity within financial services,” said Sandeep Kumar, Managing Director and Blockchain Center of Excellence (COE) Lead at Synechron. “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.
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