Sri Lanka-based Hatton National Bank(HNB) has selected Finacle Trade Connect to enable a blockchain-based domestic and cross-border trade finance network.
The Finacle Trade Connect solution will be used by HNB to pilot a trade network with other corresponding banking partners and its corporate clients. The company said that Finacle Trade Connect will help digitise trade finance business processes, including validation of ownership, certification of documents etc., while working on a distributed, trusted and shared network.
The network is expected to help HNB and other participating entities substantially increase automation and transparency, while managing risks in trade and supply chain financing operations. The pilot network will allow for instant transfer of messages and documents between the parties involved in a completely secure manner reducing lifecycle turnaround time, the statement added.
