Yes Bank Develops Blockchain to Digitize Vendor Finance in India
Yes Bank, a prominent private sector bank in India has announced the implementation of a multi-node blockchain to digitize and automate vendor financing solutions for a regional client. Vendor financing is essentially the lending of money by a company to one of its customers, so the latter can purchase products from the company, driving sales for the former. To develop the solution, Yes Bank sourced technology from the Linux Foundation-led open-source blockchain project, Hyperledger. The blockchain solution made use of smart contracts developed by Fintech startup Catenia Technologies to....
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Just as India’s fifth largest private sector bank announced that it has implemented a Blockchain transaction, the Institute for Development & Research in Banking Technology, the research arm of the country’s apex bank, says that it has tested the technology for core banking processes in the country. IDRBT is an arm of the Reserve Bank of India (RBI). It says the time is ripe for Blockchain technology adoption in India. Yes Bank has used the transaction to digitize vendor financing for a consumer appliances manufacturer. Booming market. In its white paper titled “Applications of....
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India is just not that into crypto these days. Or, perhaps, not yet. Nirmala Sitharaman, India’s finance minister, revealed last month that the Reserve Bank of India will deploy a digital rupee sometime in the fiscal year 2022-2023. India will become one of the largest economies to launch a central bank digital currency if the […]
Yes Bank has announced that it has built a blockchain-based vendor financing solution for one of its clients using technology from the open-source project, Hyperledger. Built for consumer electrical equipment manufacturer Bajaj Electricals, with help from startup Cateina Technologies, the permissioned blockchain system digitizes how Bajaj Electricals is able to transact with its clients. According to a press release, the solution allows Mumbai-based Bajaj to automatically debit customer accounts so that these companies can then purchase its own products. In a statement, Yes Bank expanded....
The research arm of the Reserve Bank of India (RBI), India’s central bank, has completed an end-to-end blockchain technology test involving regulators, banks, financial institutions and clearinghouses, the Economic Times reports. RBI’s Institute for Development and Research in Banking Technology (IDRBT) developed and tested a proof of concept (PoC) for a blockchain-based trade finance application, with the active participation of National Payments Corporation of India (NPCI), banks and solution providers. The IDRBT, which wants to be “the premier and preferred Research and Development....