Finacle Trade Connect is a blockchain-based trade finance solution that connects banks, trade partners and corporates on a unified distributed network.
Infosys subsidiary Finacle and R3, a blockchain software firm, Wednesday announced their partnership to collaborate on blockchain solutions.
This partnership will enable banks to easily access and deploy Finacle’s blockchain solutions on Corda, R3’s open-source blockchain platform, a company statement said.
Banks will now have easy access to best-in-class blockchain solutions via Corda, enabling them to create efficiencies, save costs and mitigate risk.
“We are pleased to welcome Infosys Finacle to our rapidly growing partner network and look forward to working with them,” R3 CEO David E Rutter said in a statement here.
Blockchain is poised to help banks automate inter-organisational processes to drive unprecedented efficiencies and customer value, Infosys Finacle Chief Business Officer Sanat Rao said.
“At Finacle, we are pioneering several blockchain- based solutions to help drive progress in the industry. We are happy to partner with Corda in this journey,” he said.
With this partnership, banks will be able to leverage Finacle’s award-winning blockchain solutions on the Corda platform to accelerate their blockchain-based business re-imagination, he added.
Finacle will initially have two solutions available on Corda platform Finacle Trade Connect and Finacle Payments Connect, the statement said.
Finacle Trade Connect is a blockchain-based trade finance solution that connects banks, trade partners and corporates on a unified distributed network, it said.
It supports a full suite of trade and supply chain finance products such as Open Account, Letter of Credit, Invoice Financing, Bills Collection, PO Financing, Bank Guarantees and Packing Credit, the statement said.
Finacle Payments Connect is a blockchain-based solution that enables real-time payments processing on a permissioned payments network, it said.
The solution helps banks automate payments processing within their corresponding banking relationships, it added.
Leveraging these solutions, banks can automate payments and trade process across key business partners and customers to accelerate speed of business, drive operational efficiencies and minimise risk, the statement said.
The banks can also use these solutions to build an intra-group network along with their international subsidiaries and clients.
Besides, they can curate white labelled service networks to facilitate trade and payments services for other financial institutions, it said.
Being agnostic to the underlying distributed ledger technology, Finacle solutions can work seamlessly with multiple ecosystems, the statement said.
With this partnership, these solutions will be available on the Corda platform.
This will enable various regional networks currently operating on the Corda platform to use the Finacle solutions for seamless collaboration and engagement, it said. – Business Standard