Infosys announced about the partnership between its very owned Finacle and another mighty blockchain software company R3, for creating blockchain solutions for banks by integrating Finacle’s blockchain solutions on Corda, as published by Infosys on Wednesday, October 24. Corda is R3’s open-source blockchain platform that aims to help a wider range of business by using blockchain in their sector.
Finacle will initially have two solutions available on the Corda platform. The first one is Finacle Trade Connect – a distributed ledger-based trade finance solution. It will interlink banks, trade partners and corporates with each other through a unified distributed network. The second solutions is known as Finacle Payments Connect. This powered solution will help banks in making real-time payments through permissioned payments network.
Finacle Trade Connect supports a range of trade and supply chain finance products. It can support Open Account, Letter of Credit, Invoice Financing, Bills Collection, PO Financing, Bank Guarantees and Packing Credit. On the other hand, Finacle Payments Connect can facilitate auto payment processing within their corresponding banking relationships.
Leveraging these solutions, The solutions will enable banks to automatically process payments and trade activities across key business partners and customers. It will directly increase the speed of business, will drive operational efficiencies and will reduce the risk factors to a much extent. Banks can also build an intra-group network along with their international subsidiaries, and clients.