Banks can now automate payments and trade process across key business partners and customers

Infosys Finacle and R3, one of the fastest growing enterprise blockchain software companies in the world, announced their partnership to collaborate on blockchain solutions. This partnership will enable banks to easily access and deploy Finacle’s blockchain solutions on Corda, R3’s open-source blockchain platform.

Finacle will initially have two solutions available on the Corda platform – Finacle Trade Connect and Finacle Payments Connect.

Finacle Trade Connect is a blockchain-based trade finance solution that connects banks, trade partners and corporates on a unified distributed network.  It supports a full suite of trade and supply chain finance products such as Open Account, Letter of Credit, Invoice Financing, Bills Collection, PO Financing, Bank Guarantees and Packing Credit.

Finacle Payments Connect is a blockchain-based solution that enables real-time payments processing on a permissioned payments network. It helps banks automate payments processing within their corresponding banking relationships.

Leveraging these solutions, banks can automate payments and trade process across key business partners and customers to accelerate speed of business, drive operational efficiencies and minimize risk. The banks can also use these solutions to build an intra-group network along with their international subsidiaries, and clients. Besides, they can curate white labeled service networks to facilitate trade and payments services for other financial institutions.