Indian bank Yes Bank uses blockchain to help clients improve seller financing

Rage Review : Indian bank Yes Bank cooperates with technology giant IBM to use blockchain technology and IBM cloud platform to build a digital capital expenditure and discount process for electrical equipment manufacturer Bajaj Electricals. Internet finance startup Cateina Technologies provides smart contract technology support for its business logic and rules. If successful, it can significantly reduce the time and cost of the process.

Translation: Annie_Xu

India’s Yes Bank said IBM is participating in its blockchain project to help it digitize seller financing for client Bajaj Electricals.

The bank said the project used IBM Hybrid Cloud technology to build a seller financing system, allowing consumer electrical equipment manufacturer Bajaj Electricals to seamlessly integrate Yes's system to digitize seller capital disbursement and discounting.

The smart contracts written by Internet finance startup Cateina Technologies provide its business logic and rules.

Yes Bank said this means the entire process of bill discounting has been reduced from four days to almost instant. And the system ensures transparency for all parties involved through a shared ledger, and the seller's transaction history cannot be tampered with.

Rana Kapoor

Rana Kapoor, Managing Director and CEO of Yes Bank said:

“We are delighted that Bajaj Electricals has made this technological leap and joined us in effectively leveraging the power of blockchain to address seller financing challenges.”

"I firmly believe that we have only seen the tip of the iceberg. The combination of blockchain and IBM cognitive technology on the cloud platform can ensure that the financial supply chain is more powerful, secure, and interconnected, providing a better customer experience, which will greatly impact global transaction banking."

The bank is also using IBM’s Watson Conversation service to complete its engagement plans with partners and external developers. The service uses Watson API (application programming interface) to build natural language interaction support for Yes Bank’s API query service.