Infosys Finacle is rolling out a blockchain-based solution for bank clients — the latest in a string of distributed ledger technology solutions launching in the financial services market.
According to news from Money Control on Wednesday (Nov. 29), Finacle Trade Connect is now available for banks and other financial service providers to use. The blockchain tool digitizes trade finance processes — like ownership validation, document certification and payments, as well as bill collection, invoice financing and letter of credit management.
“We had launched a pilot trade finance network for banks to trial this solution,” said Sanat Rao, Infosys Finacle chief business officer, in an interview with reporters. “For this, 11 banks in India partnered with us.”
Reports said he did not name which banks participated, however.
Rao noted that the Finacle Trade Connect tool aims to heighten automation and transparency of global trade transactions for FIs and their clients, while enabling banks to access the data generated from those transactions too. The solution can also support an array of distributed ledger technologies, including Ethereum and Hyperledger.
Infosys Finacle is the banking solutions provider owned by Infosys. In 2015, Infosys announced the launch of its small business-targeting tool, Finacle SME Enable, a service for banks to address SMB clients’ needs.
Earlier this year, Infosys was hit with criticism over allegations of questionable payments to the company’s former CEO Vishal Sikka. He resigned in August, but soon after, the company saw its shares drop by 5.4 percent to their lowest value in three years, reports said.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More