Yes Bank Implements Multi-Nodal Blockchain Solution in India

Yes bank announced that they have implemented a multi-nodal Blockchain transaction to fully digitize vendor financing for Bajaj Electricals. The implementation has been done on a blockchain-based smart contract written by fintech start-up Cateina Technologies. Yes bank will also leverage IBM Watson Conversation to enhance the digital experience of partners, corporate clients and developers collaborating with them on the integrated Blockchain – API Banking platform.

Capitalizing on the efficiency and security features of Blockchain, Yes bank has used the Hyper ledger Fabric supported by IBM to design a vendor financing solution which allows Bajaj Electricals (anchor client) to digitize the process for discounting and disbursal of funds to its vendors by integrating seamlessly with yes bank’s systems.


Speaking on the implementation, Rana Kapoor, MD &CEO, yes bank, said,” Since inception, yes bank has used technology and innovation, as mission critical pillars, to offer a superior banking experience to its corporate and retail customers. Our Blockchain implementation is a continuation of this philosophy to offer revolutionary banking technology to our clients.”


Vanitha Narayanan, Managing Director, IBM India.said, “IBM is pleased to work with yes bank as a valued client in the banking industry. Yes bank has been an early adopter of technology to transform employee and client experiences and we look forward to a continued partnership with them.’’


Shekhar Bajaj, CMD, Bajaj Electricals, said, ”The BlockChain solution by yes bank is a significant step towards digitally integrated solution for supply chain financing. This solution enables us to do timely processing of the vendor payment through vendor financing from the bank without physical documents and manual intervention. It also enables us and our vendor to track the status of the transactions on real time basis.”  


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