Blockchain Trade Finance is Coming to Sri Lanka with Infosys Finacle and Hatton National Bank
Infosys Finacle – a subsidiary of EdgeVerve Systems – announced on March 12th, 2019 that HNB (Hatton National Bank) has chosen Finacle Trade Connect to oversee a blockchain-powered cross-border and domestic trade finance network.
It is worth noting that Hatton National Bank is one of the leading private institution commercial outfits in the entire South East Asia country.
The Finacle Trade Connect, in particular, will be employed by HNB to ignite an efficient trade network with the collaboration of other corresponding corporate clients or banking partners.
— Infosys Finacle (@Finacle) March 12, 2019
The resultant network will be then expected to aid HNB and other collaborating entities in their pursuit of increased financial transparency and automation as far as managing risks in the supply and trade chain.
Some of the Highlights of this Partnership
Financle Trade Connect will assist in the digitization of business processes such as certification of important documents and validation while at the same time operating a trusted, shared and distributed network.
Along with increased transparency and higher automation, commercial financial institutions stand a chance of gaining real-time availability of statistics and data that are tailored towards the creation of business avenues and better decision-forming processes.
Buyers, banks and sellers will be able to maintain a direct relationship as far as the Finacle Trade Connect network is concerned. They will also be in a position to connect with each other on the basis of digital channels.
The network is also set to allow the easy and instant transfer of documents and messages between different parties that are involved in the setup. And this is thanks to the completely secure blockchain-based transfer lifecycle.
Banks and financial institutions will be completely secure from conventional evolution security risks since the Finacle Trade Connect is connected to blockchain infrastructure such as Corda, Hyper ledger, Bitcoin and Ethereum.
About Infosys Finacle
Finacle, which is an industry leader as far as digital banking solutions go, is a subsidiary of the relatively better-known EdgeVerve System a spectrum of Infosys.
Finacle aids emerging financial institutions and traditional banks drive the art of digital transformation in a bid to achieve smooth and flawless customer experiences.
Thanks to ubiquitous automation, the larger ecosystem play, and insights-driven monetary interactions, it has been able to reach more than a billion consumers in all the four corners of the globe.