Infosys Finacle puts blockchain into practice for trade finance

Infosys Finacle puts blockchain into practice for trade finance 5 minutes ago Infosys 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.

Infosys Finacle also launched a pilot trade finance network for banks to trial the Finacle Trade Connect solution. Key benefits of the solution:• The solution allows for a single source of truth and increases trust, with message and document sharing done at the same time to all parties involved in a transaction• It provides a shared picture of granular trades and enables efficient risk management, with flow of merchandise and information being visible to each party at the same time • It 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• Banks, buyers and sellers continue to maintain a direct relationship and can engage directly with each other on digital channels 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.

Sanat Rao, Chief Business Officer, Infosys Finacle, said, “Typically, trade finance processes involve complex documentary processes, high transaction costs, high settlement times and low authenticity rates with physical documents. Besides, most small business customers 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.”.