Accenture Taps the Blockchain for New Procurement Platform

Consulting and technology services company Accenture launched a new procurement solution today called the True Supplier Marketplace. The new tool taps into the blockchain to more efficiently connect buyers and suppliers.

The company originally launched the True Supplier Marketplace to solve in-house procurement headaches. Today, however, Accenture has created an external SaaS solution for its clients.

True Supplier Marketplace creates a decentralized marketplace where buyers and suppliers can connect and share data easily and securely. Additionally, the True Supplier Marketplace automates actions such as pre-populating digital contracts and providing data for invoicing and payment solutions and provides tamper-evident auditability for transactions. The tool offers the right data to the right people quickly, minimizing lead times.

The company notes that today’s launch is “just the start.” Future iterations of the tool will offer analytics and insights, provide smart contracts for downstream services, and allow suppliers to rate and review buyers.

This isn’t Accenture’s first blockchain solution. In fact, in creating the True Supplier Marketplace, Accenture relied heavily on the work it did to launch Accenture Blockchain for Contracts. And, last April, the company unveiled a tool for the employee benefit sector.

Founded in 1951, Accenture’s 505,000 employees serve clients in more than 120 countries across 40 industries. Last year the company invested $1.8 billion on research and development and training efforts.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Accenture Acquires Select Assets from Banking Software Platform Zafin

Digital banking platform provider Zafin and global professional services company Accenture have forged a new relationship that is both a strategic alliance and an acquisition. The companies have announced a “joint go-to-market strategy” that will make Accenture the preferred integrator of Zafin’s financial platform. And by bringing on “select employees” from Zafin’s professional services business, Accenture also gains the technical integration and development capabilities it needs to enhance its own financial services offerings.

For Zafin, the alliance and acquisition gives the company the opportunity to “focus squarely on product innovation and technology” said CEO and founder Al Karim Somji. He added that the partnership also provides the Toronto, Ontario, Canada-based firm with “rapid scalability.”

“We are particularly proud of the work we’ve done with our clients globally,” Somji said, “and expect our expanded relationship with Accenture to enable us to accelerate our momentum in the market.”

Zafin offers financial institutions around the world technology that drives relationship pricing, bundling, and rates management strategies. The company’s platform enables financial institutions to boost revenue and efficiency by upgrading legacy infrastructure which, among other benefits, helps them improve client engagement via solutions and services that deliver greater customization for consumers and greater profitability for banks.

Head of Accenture’s global banking practice Alan McIntyre blamed legacy IT systems for the inability of many FIs to modernize the customer experience, and pointed to Zafin’s technology as a solution. “Zafin’s software enables financial institutions to improve their pricing, personalization and product configuration without having to replace their legacy systems,” the senior managing director said.

Zafin demonstrated its miRevenue enterprise banking platform at FinovateFall 2017. In May of this year, the company announced a partnership with Celero, an IT solution provider for credit unions. In April, Zafin inked a strategic partnership with the Empire Startups, a  global community of fintech entrepreneurs, investors, and innovators.

Named one of Canada’s 50 fastest growing companies in 2016 by Deloitte, Zafin has more than 40 global banking customers in the U.S., Canada, Europe, Asia, and India. The company was founded in 2002, and raised $30 million in funding previous to the alliance and acquisition by Accenture.

With clients in more than 120 countries, Accenture offers a wide variety of strategy, consulting, technology, and operations services and solutions. The company partnered with mBank at FinovateFall 2013 to demonstrate the Polish bank’s next generation online banking platform. Accenture was founded in 1989, and is headquartered in Dublin, Ireland. With a market capitalization of $106 billion, Accenture trades on the New York Stock Exchange under the ticker “ACN.”

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Accenture Acquires Verax to Boost Canadian Operations

Consulting and technology services company Accenture acquired VERAX solutions last week. Terms of the deal with the Toronto-based company were not disclosed.

The acquisition is expected to enhance Accenture’s business services in Canada. Specifically, VERAX will bring its IT consulting initiatives across wealth management, brokerage and mutual funds, mobile and online banking, retail and commercial banking, and insurance and capital markets for a range of financial institutions.

Robert Vokes, managing director of Accenture’s Financial Services practice in Canada, said VERAX consultants will “greatly complement and enhance the breadth and depth of our financial services capabilities in Canada.” Vokes continued by saying that the merger will help clients “to react even more quickly and with even more confidence.”

Founded in 1951, Accenture serves clients in more than 120 countries across 40 industries. The company has made 15 consecutive appearances in Fortune’s World’s Most Admired Companies list and has 5,000 patents and patents pending in 44 countries.

At FinovateFall 2013, Accenture joined mBank on stage to showcase the Bank 3.0 revolution. The redesigned bank platform offers a modern user interface and user experience coupled with video banking, social channels, and gamification. Recently, Accenture launched a Fintech 71 accelerator program in Ohio, and formed a partnership with Apple to launch iOS-based business solutions.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.