Yes Bank Announces New Blockchain Vendor Finance Solution

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In a recent press release, Yes Bank announced that it has fully digitized its vendor financing with Bajaj Electricals using a multi-nodal blockchain solution. The solution utilizes the Hyperledger fabric, IBM Watson Conversation, and blockchain smart contracts from Cateina Technologies to enable Bajaj Electricals to integrate their newly digitized processes with the systems used by Yes Bank. The new solution will enable Bajaj to carry out seamless digital transactions with its vendors.

With the new system in place, the bank expects that Bajaj should see greater speed in clearance of short-term capital loans as bill discounting processes will occur in something closer to real-time instead of the four days required by the old process. In addition, Bajaj and its vendors will enjoy increased transparency, immutable record-tracking, cost-reductions due to the elimination of paper records, and state-of-the-art security.

Yes Bank CEO Rana Kapoor offered the company’s assessment of the achievement:

“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 utilizing blockchain capabilities.”

Yes Bank is reportedly evaluating other deployment options for their financing solutions, and is exploring opportunities to expand their reach into the trade finance and global payment markets. According to some reports, that expansion could begin in the next few months.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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