Infosys gets inducted into Regulatory Sandbox framework.
To pilot its blockchain based trade finance solution.
A wholly-owned subsidiary of today announced that it has been inducted into International Financial Services Authority's Regulatory Sandbox framework to pilot its blockchain based trade finance solution.
In the first phase, six leading banks - Federal Bank, HDFC Bank, HSBC, ICICI Bank, RBL Bank and State Bank of India are collaborating with Infosys in the regulatory sandbox. This collaboration will lead to comprehensive testing of the blockchain based Buy Credit solution, for short-term credit in foreign currency for import payments and trade finance transactions. This will serve as a precursor to the solution being available as a SaaS based offering for all banks servicing clients from GIFT City.
In its endeavor to support a world-class fintech hub at GIFT City,it had launched I-Sprint'21, a global FinTech Hackathon, as part of Forum 2021. After multiple rounds of assessment, the Trade Connect, a blockchain-based solution was selected for the 'Buyers Credit Optimization' category and consequently, granted direct entry into the Regulatory Sandbox.
The new platform will transaction times from weeks to hours and drive significant cost savings.
Trade Connect helps banks, corporates, and various trade partners, such as shipping companies, insurers, and customs agencies, connect directly on a unified distributed network enabling inter organization automation of trade finance processes. Apart from Buyer's Credit, the solution offers capabilities across Letter of Credit, Open Account for Trade, Bill Collection, Bill Exchange, C2C Transactions for Trade, B2C Transactions for Trade, PO Financing, Invoice Financing, Bank Guarantee, and Factoring.
Trade Connect helps banks, corporates, and various trade partners, such as shipping companies, insurers, and customs agencies, connect directly on a unified distributed network enabling automation of trade finance processes. Apart from Buyer’s Credit, the solution offers capabilities across Letter of Credit, Open Account for Trade, Bill Collection, Bill Exchange, C2C Transactions for Trade, B2C Transactions for Trade, PO Financing, Invoice Financing, Bank Guarantee, and Factoring.
Starting with Buyers' Credit, the Trade Connect solution will remove friction from the trade finance value chain by connecting various commercial banks, their international banking units at GIFT city, and their business clients on a unified distributed platform. The new platform will transaction times from weeks to hours and drive significant cost savings. It will also enable trade expansion to drive economic growth. The solution will also enable marketplace capability where customers can be request to the participating banks' international banking units at GIFT city to provide competitive quotes to unlock the best offers.
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