Sanat Rao, Chief Business Officer, Finacle

Infosys Finacle has announced that the Sri Lankan Bank Hatton National Bank (HNB) has selected Finacle Trade Connect solution in a bid to enable a blockchain based domestic and cross border trade finance network. The solution will help the bank to run a pilot for the trade network with corresponding banking counterparts and clients.

According to the supplier, the trade finance network 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.

Sanat Rao, Chief Business Officer, Infosys Finacle, said, “Blockchain technology offers unprecedented opportunities to transform banking, with advantages increasing exponentially with increased collaboration. 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.”

The supplier states that the Trade Connect solution supports a full suite of trade and supply chain finance products such as Open Account, Letter of Credit, Invoice Financing, Bills Collection, PO Financing and Bank Guarantees. Banks will be secure from technology evolution risks as the Finacle Trade Connect is agnostic to underlying blockchain infrastructures such as Hyper ledger, Corda, Ethereum and Bitcoin.

Finacle is a digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence.

Established in 1888, Hatton National Bank is a private bank based in Colombo, Sri Lanka.

by Megha Bhattacharya
Market Analyst at IBS Intelligence