Tuesday, 3 January 2017

Yes Bank upbeat on using blockchain, to add more processes

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Mid-sized private lender Yes Bank today entered into a tie-up with Bajaj Electricals for vendor financing using blockchain solution, and announced to use the technology more aggressively as it saves over 70 percent in cost. As part of the tie-up, the bank has completely digitalised its processes when it comes to transactions with Bajaj Electricals and its vendors in such a way that blockchain solutions can be implemented. This will help in clearing short-term working capital loans to Bajaj's vendors almost instantaneously as against the present manual practices which take upwards of four days.

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