Most active topics
Latest topics
YES Bank jumps on blockchain bandwagon in India
Page 1 of 1 • Share
YES Bank jumps on blockchain bandwagon in India
Joining the growing number of Indian banks jumping onto the blockchain bandwagon, India’s fifth largest private sector bank YES Bank today said that they have implemented a multi-nodal blockchain transaction to fully digitise vendor financing for consumer electrical equipments manufacturing firm Bajaj Electricals. The bank informs that the implementation has been done on a blockchain-based smart contract written by fintech start-up Cateina Technologies.
Earlier in October 2016, India’s largest private sector bank by consolidated assets, ICICI Bank, had successfully executed transactions in international trade finance and remittance using blockchain technology in partnership with Emirates NBD. Two more private banks – Axis Bank and Kotak Mahindra Bank were reported to be conducting pilot transactions using blockchain technology.
YES BANK said that it has used the Hyperledger Fabric supported by IBM to design a vendor financing solution which allows Bajaj Electricals to digitise the process for discounting and disbursal of funds to its vendors by integrating with YES BANK’s systems.
Going forward, YES BANK will also leverage IBM Watson Conversation, a cloud-based cognitive service, to enhance the digital experience of partners, corporate clients and developers collaborating with them on the integrated blockchain – API Banking platform.
This implementation has reduced entire process cycle for bill discounting from four days to almost real-time and has eliminated paper trail and manual intervention, said the bank.
Since inception, YES BANK has used technology and innovation, as mission critical pillars, to offer a superior banking experience to its corporate and retail customers. Our blockchain implementation is a continuation of this philosophy to offer revolutionary banking technology to our clients,” said Rana Kapoor, MD & CEO, YES BANK.
“I strongly believe that we are only at the tip of the iceberg,and envision that blockchain coupled with IBM’s Cognitive solution on Cloud platform will make a significant impact in the global Transaction Banking space by ensuring that the Financial Supply Chain is more robust, secure, seamlessly connected and provides a great customer experience,” he added.
Agreeing with Kapoor, Vanitha Narayanan, managing director, IBM India said, “Cognitive systems that understand, reason and learn, in combination with blockchain networks and delivered on Cloud can transform operations, compliance and engagement, delivering truly individualised and secure client experiences.’’
”This solution enables us to do timely processing of the vendor payment through vendor financing from the bank without physical documents and manual intervention. It also enables us and our vendor to track the status of the transactions on real time basis,” Shekhar Bajaj, CMD, Bajaj Electricals.
YES BANK said, “It has put in place a detailed roadmap on commercialising blockchain based banking solutions in India and is exploring use cases for implementation towards ‘Letter of Credit’ and Documentary Collections, Foreign Remittances and Partnering with Correspondent Banks for Trade Finance among others.”
Earlier in October 2016, India’s largest private sector bank by consolidated assets, ICICI Bank, had successfully executed transactions in international trade finance and remittance using blockchain technology in partnership with Emirates NBD. Two more private banks – Axis Bank and Kotak Mahindra Bank were reported to be conducting pilot transactions using blockchain technology.
YES BANK said that it has used the Hyperledger Fabric supported by IBM to design a vendor financing solution which allows Bajaj Electricals to digitise the process for discounting and disbursal of funds to its vendors by integrating with YES BANK’s systems.
Going forward, YES BANK will also leverage IBM Watson Conversation, a cloud-based cognitive service, to enhance the digital experience of partners, corporate clients and developers collaborating with them on the integrated blockchain – API Banking platform.
This implementation has reduced entire process cycle for bill discounting from four days to almost real-time and has eliminated paper trail and manual intervention, said the bank.
Since inception, YES BANK has used technology and innovation, as mission critical pillars, to offer a superior banking experience to its corporate and retail customers. Our blockchain implementation is a continuation of this philosophy to offer revolutionary banking technology to our clients,” said Rana Kapoor, MD & CEO, YES BANK.
“I strongly believe that we are only at the tip of the iceberg,and envision that blockchain coupled with IBM’s Cognitive solution on Cloud platform will make a significant impact in the global Transaction Banking space by ensuring that the Financial Supply Chain is more robust, secure, seamlessly connected and provides a great customer experience,” he added.
Agreeing with Kapoor, Vanitha Narayanan, managing director, IBM India said, “Cognitive systems that understand, reason and learn, in combination with blockchain networks and delivered on Cloud can transform operations, compliance and engagement, delivering truly individualised and secure client experiences.’’
”This solution enables us to do timely processing of the vendor payment through vendor financing from the bank without physical documents and manual intervention. It also enables us and our vendor to track the status of the transactions on real time basis,” Shekhar Bajaj, CMD, Bajaj Electricals.
YES BANK said, “It has put in place a detailed roadmap on commercialising blockchain based banking solutions in India and is exploring use cases for implementation towards ‘Letter of Credit’ and Documentary Collections, Foreign Remittances and Partnering with Correspondent Banks for Trade Finance among others.”
Shivam kushwaha- Posts : 11
Reputation : 0
Join date : 2017-04-15
Similar topics
» Reserve Bank of India Successfully Tests Blockchain Technology
» Blockchain revolution: How India, others can change the world
» India’s Blockchain Community Launches Digital Asset and Blockchain Foundation
» Blockchain India
» Vaultbank - The Blockchain Bank Announces its ICO
» Blockchain revolution: How India, others can change the world
» India’s Blockchain Community Launches Digital Asset and Blockchain Foundation
» Blockchain India
» Vaultbank - The Blockchain Bank Announces its ICO
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Thu Nov 29, 2018 4:02 pm by Vladdirescu
» Smart Valor — The Future of Global Investments
Tue Nov 13, 2018 6:06 pm by Vladdirescu
» Jur — Resolving Legal Disputes with the Help of Smart Contracts
Tue Oct 30, 2018 7:08 pm by Vladdirescu
» CDRX — Blockchain Technology in the Traditional Securities Market
Thu Oct 18, 2018 3:48 pm by Vladdirescu
» NoahCoin as a Key to Borderless Facilities of Noah Project
Thu Oct 11, 2018 4:39 pm by Vladdirescu
» Iconiq Lab — New ICO Accelerator and Decentralized Investment Fund
Wed Oct 03, 2018 8:34 pm by Vladdirescu
» Raincheck — Global Bonus System and Loyalty Program on the Stellar Blockchain
Thu Sep 13, 2018 6:09 pm by Vladdirescu
» Clintex (Clinical Trials Intelligence) — Alternative Treatment of the Future
Mon Aug 27, 2018 12:47 am by Vladdirescu
» Mobu ICO— The Future of Security Tokenization
Thu Aug 16, 2018 1:26 am by Vladdirescu
» Codex Protocol — Blockchain-based Title Registry of Art and Collectibles
Wed Jul 11, 2018 6:32 pm by Vladdirescu
» INGOT Coin Develops An All-Inclusive Ecosystem to Bridge Markets, Revives Lost Demand
Tue Jul 10, 2018 6:50 pm by Vladdirescu
» Japan Has Announced New Five-Point Regulations for Cryptocurrency Exchanges
Tue Jul 10, 2018 3:16 am by Vladdirescu
» Trivver — Blockchain-Based Extended Reality Ad Exchange
Sat Jun 30, 2018 5:38 pm by Vladdirescu
» OEL Foundation — Unified Logistics Blockchain Infrastructure
Mon Jun 25, 2018 10:20 pm by Vladdirescu
» Quadrant Protocol — Data Ecosystem With Authenticity And Provenance
Sat Jun 09, 2018 6:59 pm by Vladdirescu
» Pumapay Brings Crypto Payments into Daily Life, Raises $117 mln in Private Token Sale
Mon Jun 04, 2018 6:47 pm by Vladdirescu
» FlipNpik — Social Media for Local and Small Businesses based on XLM
Thu May 24, 2018 3:34 pm by Vladdirescu
» Japanese Bank MUFG Is Planning to Issue a Trial of Its Own Digital Currency
Thu May 17, 2018 11:40 pm by Vladdirescu
» Blockchain Enters Poland’s Financial Market, Namely the Credit Office
Thu May 17, 2018 10:55 pm by Vladdirescu
» HSBC Claims it Performed the World’s First Trade Transaction via Blockchain
Thu May 17, 2018 10:26 pm by Vladdirescu