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 is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 29 states and 7 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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