Infosys Finacle has been accepted into the International Financial Services Centres Authority’s (IFSCA) regulatory framework in order to test its blockchain-based trade finance solution.
In the initial stage of the framework, Federal Bank, HDFC Bank, HSBC, ICICI Bank, RBL Bank, and State Bank of India are working with Infosys Finacle. The partnership will test the blockchain-based Buyers Loans solution, which provides short-term foreign currency credit for trade financing and import payments. Later, the service would be made accessible to all banks serving customers from Gujarat’s GIFT City as a SaaS-based product.
Transaction delays will be cut from weeks to hours, saving money. Additionally, it will make commerce possible, promoting economic growth. The technology will also provide a marketplace function, allowing clients to ask the foreign banking divisions of the participating banks at GIFT city for comparative bids in order to access the best deals.
“Trade is a key driver of social and economic advancement. However, there is a significant global need for trade financing. For companies and banks, the solution to this issue might lead to considerable opportunities. The trade finance environment, however, is complicated. High turnaround times and considerable expenses are caused by several entities and paper-intensive procedures, according to Sajit Vijayakumar, chief operating officer of Infosys Finacle.
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