Infosys Finacle Launches Blockchain Based Trade Finance Solution

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29 Nov, 2017, 10:44 GMT

BENGALURU, India, November 29, 2017 /PRNewswire/ --

Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), today announced the global availability of Finacle Trade Connect, a blockchain based trade finance solution for banks. The solution will help digitize 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.

Key benefits of the solution:

The solution allows for a single source of truth and increases trust, with message and document sharing done at the same time to all parties involved in a transaction
It provides a shared picture of granular trades and enables efficient risk management, with flow of merchandise and information being visible to each party at the same time
It provides higher automation, increases transparency and enables real-time availability of data, enabling better decision making and opening up new business avenues for both banks and corporates
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.

Sanat Rao, Chief Business Officer, Infosys Finacle, said, "Typically, trade finance processes involve complex documentary processes, high transaction costs, high settlement times and low authenticity rates with physical documents. As a result, a bank's business customer is straddled with delays, high costs and risks. Besides, most small business customers worldwide experience challenges accessing trade credit, with a significant majority of applications for trade finance unable to go through. Finacle Trade Connect holds much promise to help banks ease pressing concerns internally, as well as those faced by their business customers, with advantages increasing exponentially with more banks collaborating. Infosys Finacle is committed to helping our customers through this journey to realize the path breaking benefits of blockchain technology."

About Infosys Finacle

Infosys Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 94 countries and serves over 848 million customers - estimated to be nearly 16.5 percent of the world's adult banked population.

Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.

To know more, visit www.finacle.com

Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2017. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this press release is mentioned at the beginning of the release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.

For further information, please contact:

Asia Pacific
Sarah Gideon
Infosys, India
+91-80-4156-3998
Sarah_Gideon@infosys.com

EMEA
Margherita Di Cerbo
Infosys, Europe
Phone: +44-2075162748
Margherita.dicerbo@infosys.com

Americas
Chiku Somaiya
Infosys, USA
+1-408-375-2722
Chiku.Somaiya@infosys.com