Blockchain technology is definitely stepping out of cryptocurrency domain and is making way to the other sectors rapidly. Hence, the revolutionary blockchain transformation is making the businesses more effective, secure and transparent. India IT giant Infosys Finacle has partnered with major banking institutions for improvising their networks. The banking industry is adopting this new method for enabling single source, better service and reducing potential risks of frauds.
Infosys Finacle is going to work in collaboration with top-notch banks like ICICI, Yes Bank, AXIS Bank, IndusInd, Kotak Mahindra, RBL Bank and South India Bank. The joint innovative task is titled as India Trade Connect (ITC). The network system will be digitizing the trade finance process of business which comprises document certification, authentication and making payments.
How Will Finacle Work In A Blockchain Based Network?
According to Bitcoin Exchange network, the project was launched in May this year. The entire network will be based on the technology of blockchain. The solutions of the system will be designed to address the trade finance requirements of the banking processes.
Finacle system will remain pessimistic about the fundamental blockchain communications or cryptocurrencies. Also, this will make sure that the network is working securely against knowledge progression risks.
Finacle offers solutions to various areas of banking such as omnichannel banking, wealth management, liquidity management, payments system, artificial intelligence, analytics and Islamic banking to name a few. More than 100 countries are relying on this system for their day-to-day banking. In fact, it is serving about 1.3 billion account holders with hassle free services until now.
Infosys Finacle is a division of EdgeVerve Systems which is a subsidiary of Infosys. This system is aiding the finance-based institutions to reach out a digital transformation. It has been done in order to make their ways in larger public domains, attain user-friendly access to customer issues and innovative automation.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]