Hareesha Pattaje has more than 20 years of expertise in IT services, program delivery and client relationship management. In his current role Pattaje is responsible for global delivery of Synechron's software services to its major clients and has extensive experience leading multiple large scale engagements in financial services and insurance verticals. He has played a pivotal role in delivering key innovation programs at Synechron.
The client wanted a Blockchain-based Debt Marketplace to initiate, distribute and settle a simple debt obligation via distributed ledger technology; the debt instrument to settle DVP and to transfer the instrument in a secondary market; capability to automate the lifecycle events of the debt instrument such as periodic interest and principal payments including debt obligation to extinguish itself at maturity. For simplicity, the network participants were assumed to be US domiciled corporations with a large equity market capitalization and highest quality credit ratings.
Synechron Technologies designed and deployed the blockchain debt issuance application incorporating functions across the entire debt instrument transaction lifecycle including origination, distribution, execution, settlement, interest rate payments, and maturity repayments. This was done in unique collaboration with leading market participants as an important milestone in progressing blockchain technology toward real financial markets applications.
A pilot of a blockchain use-case running parallel against existing issuance methods was done to demonstrate how blockchain technology can create value. It was integration into existing digital origination and execution platforms such as CFD and ACCESS.
The project reduced cost and administrative burdens for all network participants, reduced complexity of portfolio risk management. Also, it added value by network insights driving traffic to the platform, electronic audit trail, and robust evidence of best execution.