Sri Lanka's Hatton National Bank selects Infosys Finacle for block-chain based transaction

New Delhi: Sri Lanka-based Hatton National Bank has selected its Finacle Trade Connect, a wholly-owned subsidiary of Infosys, to enable a blockchain-based domestic and cross-border trade finance network.

The Finacle Trade Connect solution will be used by HNB to pilot a trade network with other corresponding banking partners and its corporate clients. The network is expected to help HNB and other participating entities substantially increase automation and transparency, while efficiently managing risks in trade and supply chain financing operations, Insosys said in a statement.

Banks will be secure from technology evolution risks as the Finacle Trade Connect is agnostic to underlying blockchain infrastructure such as Hyper ledger, Corda, Ethereum and Bitcoin, Infosys added.

“Blockchain technology offers unprecedented opportunities to transform banking, with advantages increasing exponentially with increased collaboration. We have pioneered multiple solutions to help our clients take advantage of this emerging technology to realize real business benefits,” Sanat Rao, Chief Business Officer, Infosys Finacle, said.

Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions.