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Infosys Finacle launches blockchain-based trade finance solutions for banks

It is available for functions including bill collection, letters of credit and invoice financing among others

Press Trust of India  |  New Delhi 

Infosys

Finacle, part of the country's second-largest information technology (IT) firm Infosys, on Wednesday launched a blockchain-based trade solution for

The solution — Finacle Trade Connect — will help digitise the trade business process, including validation of ownership, certifying documents and making payments.


It is available for functions including bill collection, letters of credit and invoice financing among others.

"We had launched a pilot trade network for to trial this solution. For this, 11 in partnered with us," Finacle Chief Business Officer Sanat Rao told PTI.

He, however, did not name the

is a huge, decentralised ledger for (currency) that records every and stores this information on a global network so it cannot be tampered with.

It enables secure, peer-to-peer transactions that can be verified without any centralised authority.

and other financial institutions are increasingly investing in technology as it cuts their costs and make their operations faster and more transparent.

Rao said the new solution will provide higher automation, increase transparency and enable real-time availability of data.

This will enable better decision making and opening up new business avenues for both and corporates, he added.

The framework is ledger agnostic and is capable of working with most industry leading platforms such as Bitcoin, Hyperledger, Ethereum and Corda, he said.

First Published: Wed, November 29 2017. 20:54 IST
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