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India’s Yes Bank Enlists IBM to Help Build Blockchain Solutions

India’s Yes Bank has enlisted the help of IBM for a Blockchain project that digitises vendor financing for client Bajaj Electricals.

The bank says that it has used IBM’s Hybrid Cloud technology to build a vendor financing system which allows consumer electrical equipment manufacturing company Bajaj Electricals to digitise the process for discounting and disbursal of funds to its vendors by integrating seamlessly with Yes’s systems.

The business logic and rules are captured in a Blockchain-based smart contract written by fintech startup Cateina Technologies.

Yes Bank says that this means that the entire process for bill discounting is cut from four days to almost real-time. In addition, the system ensures transparency for all parties through the shared public ledger, while the entire transaction history of a vendor is recorded and immutable.

Rana Kapoor, MD and CEO, Yes Bank, said:

“We are glad that Bajaj Electricals is undertaking this technological leap and working with us to solve the current challenges in Vendor Financing solutions by effectively utilising Blockchain capabilities.

“I strongly believe that we are only at the tip of the iceberg, and envision that Blockchain coupled with IBM’s Cognitive solution on Cloud platform will make a significant impact in the global Transaction Banking space by ensuring that the Financial Supply Chain is more robust, secure, seamlessly connected and provides a great customer experience.”

Meanwhile, the bank is also tapping IBM’s Watson Conversation service for an engagement programme for partners and external developers. The conversational agent service of IBM Bluemix cloud uses Watson APIs to create a natural language interaction for providing support on queries related to Yes Bank APIs.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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