YES Bank – the 5th largest private bank in India, has informed about its implementation of a multi-nodal blockchain transaction for the purpose of full digitizing vendor financing for Bajaj Electricals – a large Indian appliances producer. It is based on a blockchain-based smart contract from a fintech startup, Cateina Technologies.
Mr. Rana Kapoor, MD & CEO of YES Bank, stated with regard to the implementation:
”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. We are glad that Bajaj Electricals is undertaking this technological leap and working with us to solve the current challenges in Vendor
Financing solutions by effectively utilising blockchain capabilities.
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.”
YES Bank will leverage IBM Watson Conversation, a cloud-based cognitive artificial inteligence service, to enhance the digital experience of partners, corporate clients and developers collaborating with them on the integrated Blockchain – API Banking platform. This integration is said to offer automated processing of transactions with almost zero manual intervention.
Vanitha Narayanan, Managing Director, IBM India Pvt. Ltd.said, “IBM is pleased to work with YES Bank as a valued client in the banking industry. With decades of industry leadership, we believe that 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. YES Bank has been an early adopter of technology to transform employee and client experiences and we look forward to a continued partnership with them.’’
Shekhar Bajaj, CMD, Bajaj Electricals, said: ”The BlockChain solution by YES BANK is a significant step towards digitally integrated solution for supply chain financing. 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.”
For any questions or recommendations, feel free to write us on hello@goforex.eu
For an questions regarding brokers, FX market, marketing visit checkusmedia.com or write one info@checkus.sk
