12 March 2019, India:
Infosys Finacle announced that Hatton National Bank (HNB), a commercial bank operating in Sri Lanka, has selected Finacle Trade Connect to enable a blockchain-based domestic and cross-border trade finance network.
The Finacle Trade Connect solution will be used by HNB to pilot a trade network with other corresponding banking partners and its corporate clients.
The company said that Finacle Trade Connect will help digitize trade finance business processes, including validation of ownership, certification of documents etc., while working on a distributed, trusted and shared network.
The network is expected to help HNB and other participating entities substantially increase automation and transparency, while efficiently managing risks in trade and supply chain financing operations.
The pilot network will allow for instant transfer of messages and documents between the parties involved in a completely secure manner reducing lifecycle turnaround time, the statement added.
“Blockchain technology offers unprecedented opportunities to transform banking, with advantages increasing exponentially with increased collaboration. We have pioneered multiple solutions to help our clients take advantage of this emerging technology to realize real business benefits. We are excited to collaborate with HNB in this promising journey and look forward to more partners joining the network,” said Sanat Rao, Chief Business Officer, Infosys Finacle.
“Critical to blockchain’s achieving economic viability is scalability. The addition of a new client using Finacle Trade Connect is a promising sign. Early this year, Celent recognized the India Trade Connect, a blockchain-based domestic trade finance platform powered by Finacle Trade Connect, with the 2018 Model Bank award. The India Trade Connect consortium recognized that they needed a strong tech partner to provide the ecosystem infrastructure,” said Alenka Grealish, Senior Analyst, Celent.
(Image – Infosys)