By Tricitynews Reporter
Chandigarh 29th November:- Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), today announced the global availability of Finacle Trade Connect, a blockchain based trade finance solution for banks. The solution 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, Open Account for Trade, C2C Transactions for Trade, B2C transactions for Trade, PO Financing and Invoice financing.
Infosys Finacle also launched a pilot trade finance network for banks to trial the Finacle Trade Connect solution. 11 banks have partnered with Infosys Finacle to be on the network.
The solution is based on the EdgeVerve Blockchain Framework, an asset agnostic and permissioned distributed ledger that allows banks to rapidly deploy blockchain-based services for varied business areas. The framework is ledger agnostic and is capable of working with most industry leading blockchain platforms such as Bitcoin, Hyperledger, Ethereum and Corda.
Sanat Rao, Chief Business Officer, Infosys Finacle, said that typically, trade finance processes involve complex documentary processes, high transaction costs, high settlement times and low authenticity rates with physical documents. As a result, a bank’s business customer is straddled with delays, high costs and risks. Besides, most small business customer’s worldwide experience challenges accessing trade credit, with a significant majority of applications for trade finance unable to go through. 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. Infosys Finacle is committed to helping our customers through this journey to realize the path breaking benefits of blockchain technology.