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Sri Lanka’s leading private bank Hatton National Bank (HNB) on Wednesday announced that “It has partnered with Infosys Finacle Trade Connect, a part of EdgeVerve System and Wholly-owned subsidiary of Infosys, to develop a blockchain based domestic and cross-border trade finance network for the bank.”
The Company in a statement said that “The Finacle Trade Connect solutions will be used to pilot the banking network of HNB with other corresponding banking partners and its corporate clients.”
“The network is expected to provide support to HNB and other participating entities to increase the automation and transparency while managing risks in trade and supply chain financing operations,” the statement said.
“As the Finacle Trade Connect is agnostic to underlying the infrastructure like Hyper ledger, Corda, Ethereum and Bitcoin’s, the Bank will be ultimately get secured from technology evolution risks,” the statement added.
Sanat Rao, Chief Business Officer at Infosys Finacle, 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.”