Bengaluru:Mphasis (BSE: 526299; NSE: MPHASIS), an information technology (IT) solutions provider specializing in cloud and cognitive services, announced today that it was a runner-up at the Wells Fargo Innovation Challenge 2022 – ‘Designing the Multi-X Future’. The challenge identified organizations who have reimagined their financial journeys to build a more interconnected and approachable multi-player and multi-economies experience termed the Multi-X Future. Mphasis was recognized for its innovative distributed ledger technology (DLT)-based deep tier finance platform, ALTA™.
ALTA™ maximizes the reach of bank finance into the deepest tiers of any supply chain through tokenized assets on distributed ledger technology. ALTA™ enables global companies to get a substantially improved view of their supply chains by tracking money flows across geographies and layers of intermediaries, allowing them to take steps to protect their businesses from external shocks. Mphasis was recognized as the second runner-up from a pool of over 100 applicants and delivered a proof of concept along with a demo to a panel of executives from Wells Fargo.
“We are excited to have been recognized among the top three finalists in the Wells Fargo Innovation Challenge. Our blockchain-based solution ALTA™ creates liquidity and transparency in global supply chains, solving issues for the smaller suppliers who often need working capital the most. The award-winning solution provides a multi-sided ecosystem to expand financing at a competitive cost to the deepest tiers of the supply chain. At Mphasis, our ambition is to transform financing for supply chains through ALTA™ and leverage Distributed Ledger Technology, tokenization, and digital currency to their true potential,” said, Rohit Jayachandran, SVP & Head – Strategic Accounts, Mphasis.
In addition to the focus on creating a multi-X future, finalists were selected based on the viability, feasibility, desirability, and strategic fit of the proposed solutions. The finalists also received an opportunity to work hands-on with leaders representing a diverse mix of perspectives across Wells Fargo.
“As businesses become more digitally oriented, advanced technologies must replace the legacy systems and meet the present-day digital demands. We are excited to recognize Mphasis as their solution is a testimony of turning new ideas into reality,” said Chintan Mehta, CIO, Wells Fargo.
The Innovation Challenge was conducted across three phases and the top three finalists presented their solutions at Wells Fargo’s Innovation Summit in San Francisco in early November.