We wanted to create a blockchain banking solution for our clients which would have immediate, measurable impact and provide a quantum leap compared to the current process - Anup Purohit , CIO, Yes Bank
NEW YORK (PRWEB) January 16, 2018
The fastest growing bank in India regarded as the ‘Professionals’ Bank’ by many has joined hands with California based HashCash Consultants for cross border corporate payments.
HashCash's blockchain network, HC NET is used by Banks, currency exchanges, corporate houses and FinTechs in several key global remittance corridors.
Yes bank’s CIO, Anup Purohit said, “Our interest in Blockchain was owing to its potential of ushering an era of efficient processes through transparency, speed, security and seamless connections in order to maintain records and make quicker transactions. We wanted to create a Blockchain Banking Solution for our clients which would have immediate, measurable impact and provide a quantum leap compared to the current process.”
HC Corporate payments brings a radical shift for global banks and enterprises in managing cross border trade and business to business payments.
The traditional process of financing trade activity and settlement of corporate payments is a paper intentive one. Risk of fraud is high, and underwriting process remains largely throwing darts in the dark. Manual processing of documents leads to reconciliation or book keeping inconsistencies and auditory hassles. This soars up cost for the financial organization and creates barriers to capital access for businesses.
Use of Blockchain and Distributed Ledger Technology improves transparency and eradicates fraud. It makes tracking and sharing documents among counter-parties easy and eliminates paperwork.
“HC Corporate Payment handles Business-to-Business Payments in near real-time and manages secure transfer of trade documents. It lowers cost and expands opportunity for banks. It offers businesses access to financing previously unavailable. The result is better business for both banks and their corporate clients,” said Raj Chowdhury, Managing Director at HashCash Consultants and a prominent Blockchain expert.
Yes Bank had been experimenting with Blockchain Technology since its inception. Last year, Yes Bank had announced that it has implemented a multi-nodal blockchain transaction to fully digitize vendor financing. It has implemented a Blockchain-Based solution for consumer electrical company Bajaj Electricals for Supply Chain Management.
About Yes Bank
YES BANK has been recognized among the Top and Fastest Growing Banks in various Indian Banking League Tables by prestigious media houses and Global Advisory Firms, and has received several national and international honors for our various Businesses including Corporate Investment Banking, Treasury, Transaction Banking, and Sustainable practices through Responsible Banking. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Finest Quality Bank of the World in India” by 2020.