Infosys Finacle has globally launched Finacle Trade Connect, a blockchain based trade finance solution for banks. The solution will help digitise the trade finance business process, including validation of ownership, certifying documents and making payments, while working on a distributed, trusted and shared network. The solution is available for a range of functions, including Bill Collection, Letters of Credit, Open Account for Trade, C2C Transactions for Trade, B2C transactions for Trade, PO Financing and Invoice financing.
Infosys Finacle also launched a pilot trade finance network for banks to trial the Finacle Trade Connect solution. 11 banks have partnered with Infosys Finacle to be on the network. Banks, buyers and sellers continue to maintain a direct relationship and can engage directly with each other on digital channels
The solution is based on the EdgeVerve Blockchain Framework, an asset agnostic and permissioned distributed ledger that allows banks to rapidly deploy blockchain-based services for varied business areas. The framework is ledger agnostic and is capable of working with most industry leading blockchain platforms such as Bitcoin, Hyperledger, Ethereum and Corda.