YES Bank a private sector bank in India is hopeful about its API banking platform and blockchain initiatives as part of its financial banking services.
“We have been very active on blockchain…Blockchain will happen when all participants agree to be on it. It is the technology of the future,” said Asit Oberoi, Senior Group President and Global Head, Transaction Banking Group, and Chief Experience Officer, YES Bank.
API Banking in YES Bank was launched in 2015 where it has now members of up to 1000 clients including Snapdeal and Ola.
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“As a bank, we have the largest commercial API, and we plan to grow it significantly further,” said Oberoi.
Digital Issuance of Commercial Paper Using Blockchain
YES Bank Managing Director and CEO Ravneet Gill had recently said the bank hopes to grow all three parts of the business – retail, wholesale, and transaction banking. “We have a high-quality tech-enabled retail and transaction bank,” he had noted.
In July this year, YES Bank issued the first digital issuance of commercial paper using blockchain technology, one of the first kinds in Asia.
YES Bank acted as an (IPA) issuing and payment agent while facilitating the issuing of 100 crores of commercial paper using blockchain for Vedanta Limited.
The bank will try to get more participants such as credit agencies and NSDL.
Banking on Blockchain
Last year, YES Bank completed a transaction with Welspun Global Brands Limited for e-Presentation that involves an end to end electronic presentation of export documents through UK based digital platform Bolero International.
In the year 2017 the bank also implemented a multi-nodal blockchain transaction to fully digitize vendor financing for Bajaj Electricals.