Infosys Finacle ,part of edgeverve Systems,a product subsidiary of IT major Infosys announced this globally the availability of this solution for banks.
The company has launched a pilot trade finance network patnering with eleven banks to trial the finacle trade connect solution.
This solution is based on the EdgeVerve Blockchain framework,an asset agnostic and permissioned distributed ledger that allows banks to rapidly deploy blockchain based services for varied business areas .This solution is a type of distributed ledger database that keeps continuously updated digital records offering greater transparency.It will allow banks for a single source of truth ,enabling better decision making ,enable real time availability of data ,and effective risk management.
It's availability for range of functions , including bill collection,open account for trade, C2C &B2B transactions for trade,letters of credit ,PO financing and invoice financing .