Infosys Finacle has teamed with Sri Lanka’s Hatton National Bank (HNB) to enable a blockchain-based domestic and cross-border trade finance network using Finacle Trade Connect.
Finacle is a core banking product developed by the Indian corporation Infosys that provides universal digital banking functionality to banks. It is part of EdgeVerve Systems Limited, a wholly owned product subsidiary of Infosys. In May 2018, the firm partnered with major Indian banks to develop Finacle Trade Connect, a blockchain solution that is designed to digitize trade finance business processes, including validation of ownership, certification of documents and making payments, while working on a distributed, trusted and shared network.
HNB, a private sector commercial bank operating in Sri Lanka, will be using the Finacle Trade Connect solution to pilot a trade network with other corresponding banking partners and its corporate clients. The solution is expected to help HNB and other participating entities substantially increase automation and transparency, while efficiently managing risks in trade and supply chain financing operations.
“Blockchain technology offers unprecedented opportunities to transform banking, with advantages increasing exponentially with increased collaboration,” said Sanat Rao, Chief Business Officer at Infosys Finacle. “We have pioneered multiple solutions to help our clients take advantage of this emerging technology to realize real business benefits. We are excited to collaborate with HNB in this promising journey and look forward to more partners joining the network.”
In October 2018, Infosys Finacle teamed with enterprise software firm R3 to enable various regional networks currently operating on the Corda platform to use Finacle Trade Connect and Finacle Payments Connect for seamless collaboration and engagement.
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