On the 16th of May, Infosys announced that it has established a blockchain based trade network in India. As reported by the national news agency Times of India, the company has partnered up with seven private banks in India. The step was taken to increase security and efficiency in the banking sector.
Finacle is a universal banking solution from EdgeVerve Systems, a subsidiary of Infosys. It provides a solution for banks across 94 countries and serves more than 848 million customers. Finacle solution supports financial institutions to develop deeper connections with stakeholders while providing state of the art technology.
Earlier this year in March, Punjab National Bank [PNB] lost $2 billion over a fraud caused by two jeweler groups with the assistance of an internal staff. As it was reported, the jeweler groups used fake trade finance guarantees provided via the PNB staff in Mumbai.
Rajashekara Maiya the Global Finacle Head in a telephonic interview said that Infosys blockchain solution will optimize the trade by securing transactions and making it transparent.
“With that kind of capability, the technology can avoid all the fraud that could have taken place in a situation like Punjab National Bank”
Sanat Rao, Chief Business Officer [CBO] at Finacle says:
“We’re in very advanced discussion in Australia with a consortium of banks and I think you’ll see more announcements.”
He further said that the private-sector banks such as ICICI Bank Ltd, Axis Bank Ltd, Kotak Mahindra Banks Ltd, Yes Bank, Induslnd Banks, RBL Banks and South Indian Bank are currently testing its trade finance network.
Finacle is the software that powers the core functionality for the majority of the Indian banks. In the year 2016, Infosys through its press release in London gave an overview of the market as well as adoption strategies.
Based on a survey report, the press release explained that almost 50% of the financial institutions would have invested in blockchain by 2018. The statistics further explain that by the year 2020 over 80% of the bankers are expected to adopt the technology at a commercial rate. The private-sector banks adopting the blockchain technology are promising the entry of institutions into Blockchain network.
A Twitterati says:
“Finacle is changing the way we trade and transact in the modern world.”
Another Twitterati says:
“PNB got fraudulent, the blame is to the human logistics, now companies want to put artificial computers and blockchain to improve it and make it lie-proof. You see the issue here.”
A Redditor says:
“Asians are way ahead in technology and blockchain sector as they are acceptive and smarter. Eventually the banks will kneel down to them.”
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