India’s 5th largest private sector bank, YES BANK, has announced that it has implemented a multi-nodal blockchain transaction to fully digitize vendor financing for a large Indian consumer appliances manufacturer, Bajaj Electricals. The implementation has been done on a blockchain-based smart contract written by the fintech startup, Cateina Technologies.
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Speaking about the implementation, Mr. Rana Kapoor, MD & CEO of YES BANK, said: ”Since inception, YES BANK has used technology and innovation, as mission critical pillars, to offer a superior banking experience to its corporate and retail customers. Our Blockchain implementation is a continuation of this philosophy to offer revolutionary banking technology to our clients. We are glad that Bajaj Electricals is undertaking this technological leap and working with us to solve the current challenges in Vendor Financing solutions by effectively utilising blockchain capabilities.
I strongly believe that we are only at the tip of the iceberg,and envision that Blockchain coupled with IBM’s Cognitive solution on Cloud platform will make a significant impact in the global Transaction Banking space by ensuring that the Financial Supply Chain is more robust, secure, seamlessly connected and provides a great customer experience.”
Vanitha Narayanan, Managing Director, IBM India Pvt. Ltd.said, “IBM is pleased to work with YES BANK as a valued client in the banking industry. With decades of industry leadership, we believe that cognitive systems that understand, reason and learn, in combination with blockchain networks and delivered on Cloud can transform operations, compliance and engagement, delivering truly individualised and secure client experiences. YES Bank has been an early adopter of technology to transform employee and client experiences and we look forward to a continued partnership with them.’’
Shekhar Bajaj, CMD, Bajaj Electricals, said: ”The BlockChain solution by YES BANK is a significant step towards digitally integrated solution for supply chain financing. This solution enables us to do timely processing of the vendor payment through vendor financing from the bank without physical documents and manual intervention. It also enables us and our vendor to track the status of the transactions on real time basis.”