Vedanta, Yes Bank and MonetaGo Join Forces to Pioneer Digitalization in India's USD 500 Billion Commercial Paper Market Using Blockchain Technology
NEW YORK, July 12, 2019 /PRNewswire/ -- Financial technology solutions provider MonetaGo has today announced that a commercial paper has been digitally issued in Asia for the first time using blockchain technology. MonetaGo completed this transaction through a partnership with banking services provided by Yes Bank and the issuer Vedanta, a natural resources conglomerate.
India's highly-regulated commercial paper market involves huge amount of paperwork to be prepared by the Issuer for every transaction.
DETAILS OF THE TRANSACTION HERE
Issuances are on the increase as more businesses manage their short term cash needs through this product however absence of a streamlined digital process makes this entire process cumbersome resulting in many man hours being wasted.
The transaction was delivered using Corda Enterprise technology from R3, along with a robust set of standardized workflows to deliver a solution that will rapidly scale across markets and geographies.
MonetaGo moved to Corda Enterprise in February 2019, joining R3's growing ecosystem of over 300 diverse companies utilising Corda to build applications for a range of uses across different industries.
Speaking on the implementation, Asit Oberoi, Senior Group President and Global Head Transaction Banking Group and Chief Experience Officer, Yes Bank, said, "Yes Bank is proud to implement Asia's first Commercial Paper issuance over Blockchain technology for the Vedanta Limited. This solution is a yet another milestone in Yes Bank's endeavor to remain ahead of the innovation curve and enhance end client experience. Apart from reducing operational risk and costs, this technology solution lays the foundation for a more transparent and efficient process to cater to India's growing Commercial Paper market."
GR Arun Kumar, Group CFO, Vedanta, notes, "Vedanta will benefit from the digitized and simplified workflow which shortens the laborious process running into hours to just few minutes and complete transparency that this platform offers to all stakeholders."
MonetaGo CEO, Jesse Chenard, said, "This is a real milestone for our company, for the technology, and for the Indian Banking Community."
"We've been working with Yes Bank and Vedanta very closely and have been continuously impressed with their ability to leverage technology to bring about large scale change. These are big corporations with the ability to move like start-ups, something very rare indeed especially when dealing with a market this size."
David E. Rutter, CEO of R3, comments: "The issuance of these instruments is a complex process and current models have long been recognized as being inefficient. Enabling parties to collaborate and maintain accurate shared records of the underlying agreements is precisely what Corda is great at doing. This marks a big step forward for the industry and demonstrates clear advantages of over existing processes."
About MonetaGo
MonetaGo provides enterprise solutions for financial operations. The MonetaGo product suite is compliant with existing regulations and designed to improve the efficiency and security of financial products.
Built to support multiple technologies and interoperate seamlessly with existing financial infrastructure, institutions can integrate MonetaGo's products with minimal disruption and cost. MonetaGo is involved in a number of distributed ledger technology consortia and alliances including the R3 Partnership Network and the Hyperledger project.
For more information, visit www.monetago.com.
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Rachna Baruah
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SOURCE MonetaGo Inc.
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