yes bank blockchain
YES Bank Bets Big On API, Using Blockchain Tech
October 16, 2019
yes bank blockchain
YES Bank Bets Big On API, Using Blockchain Tech
October 16, 2019

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.

API Banking

“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.

“As a bank, we have the largest commercial API, and we plan to grow it significantly further,” said Oberoi.

ALSO READ :  Refereum Partners With Streaming Platform DLive Rewarding Gamers For Live Streaming Games

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.

ALSO READ :  Nigeria’s Federal Ministry of Finance To Develop New Framework For Blockchain And Cryptocurrencies

Source: | Image:


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Quidax Reports More Than $3.2 Billion In Transactions

Quidax Reports More Than $3.2 Billion In Transactions

Quidax, the Nigerian cryptocurrency exchange, has reported more than $3.2 billion in transactions, underscoring the rapid adoption of digital assets in Africa’s largest economy. It has been reported that Quidax, since...

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.