5. 5
The scenario
Federal Bank Handles 15% of India’s Inward remittance
Tie up with ~ 150 Money exchange houses
1500 + Branches
Money exchange houses uses different mechanisms to trigger remittances
File upload
APIs
Started with the use case two years before with Hyperledger as the platform
6. 6
Use case
• Multiple stake holders with
different views of the system
• Exchange house
• Treasury
• Remittance department
• Different IT systems
• Reconciliation issues
• Difficult dispute resolution
• Issues with traceability
Own Customer
Other Bank
Customer
Other Bank
Drawbacks
Time delay for reconciliation
Exchange house
Dealer Bank Treasury
Deals
Money Sender
Funding status
Remittance Department
Remittance
Bank
Exchange
House
7. 7
Blockchain based remittanceback end
Own Customer Other Bank
Exchange house
Dealer
Bank Treasury
Money Sender Remittance Department
Smart Contracts
Blockchain node
Smart Contracts
Blockchain node
Deals
Deals
Remittance
Reverse credits
Bank Charges
Interests
Every action of the remittance transaction logged to the
Blockchain ledger
FX Oracle
Bank
Exchange
House
8. 8
How corda helped!!
Future proof investment for multiple use cases (Not just remittance)
One to one financial messaging
Ease of achieving compliance
Predictable performance to meet SLAs
Ease of adding new members to consortium
Capability to daisy chain cordapps
Ability to add new applications to consortium
Ability to create flexible contracts
9. 9
Features
Consortium for distributed apps
Sandbox for quick experience and onboarding of consortium participants
Remittance messaging
Supports a variety of transfer modes from bank
Vostro account to transactions reconciliation
Spot FX Rates , based on smart contracts
On-premise and cloud deployment
Could be deployed on Corda Network & on private consortiums
10. 10
Roadmap
In Production
Messaging and Recon
FX deals Oracle Remittance KYC
Issuance of prefunded
account as token balance
Trade with remittance
Token based payments
12. Challengeswe facedso far ……
Stake holder challenges
•Took two years to get First production order and take
the solution to production
•Mid level stake holders needs immediate outcomes
•Procurement departments talk tough
Legal Challenges
•Whom will you sue
•Who owns the data
•Validity of enforceable contracts
Security Challenges
•Privacy related issue
•Changes in business process
•Transmission challenges
Ecosystem challenges
•Onboarding counter parties
•Control or no control
13. Our blockchain offerings
• Connects money exchange houses and banks
• Helps parties to share single source of truth
• Smart contract-based payments
• Immediate reconciliation
• FX deals using ledger
International Remittance
• Helps Business to do direct transactions in a trusted way
• Proc2Pay , Invoice factoring (Supply chain finance , dealer finance) &
Letter of credit
Trade suite
• Claim intimation for livestock, motor, health
Insurance chain
• Understand the customer requirement and create custom solution
Solution co-creation
15. The team
Chandni mahesh
Experience in Digitalmarketing
andoperations
C O - F O U N D E R
Mahesh govind
18 years ofexperience in
industry.
Expertise in multiple technology
areas ,Product Management and
marketing
C O - F O U N D E R
Rama warrier
Over 3 decades ofexperience in
Consulting andfinancial services
industry.
Formerly ManagingPartner,
Infosys Consulting
A D V I S O R