Mumbai, June 28, 2017: YES BANK, India’s fourth largest private sector Bank, has been awarded the Global Trade Review (GTR) Best Deals Award 2016 for Blockchain implementation. Using Hyperledger Fabric, YES BANK partnered with Bajaj Electricals to develop a Blockchain-based solution, digitizing the Vendor Financing process.
The key business advantages of implementing Blockchain solution for vendor financing include end-to-end automated digital process, thereby enabling elimination of paper trail and manual intervention, transparency to all parties through Blockchain’s shared public ledger and the immutability feature—wherein transactions cannot be tampered with. YES BANK’s Supply Chain Financing solution on Blockchain significantly helps in increasing process efficiencies by shortening Turn Around Time (TAT) and reducing costs.
Commenting on the achievement, Asit Oberoi, Group President and Global Head, Transaction Banking Group, said, “We constantly strive to ensure that the Financial Supply Chain is more robust, secure and seamlessly connected. We believe that Blockchain has immense potential to revolutionize trade & supply chain finance and this award is a recognition of YES BANK’s sustained and continuous efforts towards offering secured and superior banking experience to its customers.”
YES BANK is working towards applying Blockchain technology to other areas of transaction banking. A detailed roadmap is in place to digitize Letters of Credit, foreign remittances and relationships with partner and correspondent banks in the trade space.
Every year, Global Trade Review aims to reward trade, export, commodity and project finance transactions that represent the finest in the industry, in terms of innovation, social purpose, clever risk mitigation and continued support to trade.
About YES BANK
YES BANK, India’s fourth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “BUILDING THE FINEST QUALITY LARGE BANK OF THE WORLD IN INDIA”.
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