You are here: Home » Companies » News
Air India's load factor improves to 80% under Tata group management
Flight operations, load factor remain absolutely normal, says SpiceJet
Business Standard

Infosys Finacle inducted in IFSCA regulatory plan for blockchain finance

Six leading banks are collaborating with trade finance solution for short-term credit, import payments

Infosys Finacle | Blockchain | financial services

BS Reporter  |  Mumbai 

Representative Image
Representative Image

Infosys Finacle, which is part of EdgeVerve Systems and a subsidiary of the IT services firm, said on Monday it has been inducted into the International Centres Authority’s (IFSCA) regulatory framework to pilot its blockchain-based trade finance solution.

Federal Bank, HDFC Bank, HSBC, ICICI Bank, RBL Bank and State Bank of India are collaborating with in the framework’s first phase.

The collaboration will test the blockchain-based Buyers Credit solution, for short-term credit in foreign currency, for import payments and trade finance transactions. The solution will later be available as a SaaS-based offering for all banks servicing clients from GIFT City in Gujarat.

It will reduce transaction times from weeks to hours and save cost. It will also enable trade expansion to drive economic growth. The solution will also enable marketplace capability where customers can request the participating banks’ international banking units at GIFT city to provide competitive quotes to unlock the best offers.

“Trade is a vital engine for economic and social progress. Yet, trade finance has a huge unmet demand globally. Solving this problem can help unlock significant opportunities for businesses and banks. But the trade finance ecosystem is complex. Multiple entities and paper-heavy processes create high turnaround times and significant costs,” said Sajit Vijayakumar, chief operating officer at .

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, August 01 2022. 12:53 IST