Blockchain Banking Solution Released by Infosysbr>
Indian multinational corporation Infosys has released its blockchain-based trade finance solution called ‘Finacle Trade Connect.’
Finacle Trade Connect will help digitize the trade finance business process, including validation of ownership, certifying documents and making payments, while working on a distributed, trusted and shared network.
The solution is available for a range of functions including bill collection, letters of credit and and invoice financing among others. It allows banks, buyers and sellers to maintain a direct relationship and engage directly with each other on digital channels. It also provides higher automation, increases transparency and enables real-time availability of data, enabling better decision making and opening up new business avenues for both banks and corporates.
The solution was built using EdgeVerve Blockchain Framework, a permissioned ledger that allows banks to rapidly deploy blockchain-based services for varied business areas. The framework can scale to the levels needed to support international, cross-border transactional business. These capabilities make applications built on this framework a viable platform to run payments and other high volume transactional banking services. Blockchain-based applications, built on this framework, can deliver increased efficiencies, transactional security and accuracy at a lower cost than the existing platforms that underpin the global banking systems.
Infosys Finacle said that 11 banks across India have already pledged to use the banking solution, as it promises more security, safety and features to carry on core banking activities.
“Typically, trade finance processes involve complex documentary processes, high transaction costs, high settlement times and low authenticity rates with physical documents,” said Sanat Rao, Chief Business Officer, Infosys Finacle. “As a result, a bank’s business customer is straddled with delays, high costs and risks. Finacle Trade Connect holds much promise to help banks ease pressing concerns internally, as well as those faced by their business customers, with advantages increasing exponentially with more banks collaborating.”