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CREDITS to Cooperate with Indian Banks

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  • CREDITS to Cooperate with Indian Banks

    Over the past few years blockchain has become the buzzword of the day. As the popularity of this technology increased overtime, the banking industry started to consider blockchain application. CREDITS experts know exactly how blockchain technology can fit in with the world of financial services and banking.
    A lot of functions that banks are supposed to fulfill are considered insecure or susceptible to various types of attacks. Back office issues, the lack of transparency, and different internal rule violations are often unavoidable. So far, in their present form the chains of blocks are incapable of fully replacing banking transactions and still need to go through some evolvement process. However, with billions of dollars worth of annual losses linked to delays in banking operations and concealing deals, and taking into account that the use of the blockchain technology can save banks upto $20 bn per year, blockchain has got a great future in banking and finance.
    According to the estimate of State Bank of India, by 2030 blockchain can replace all conventional bank services. Indeed, this technology can drastically enhance the efficiency of banking operations and back office functions, while reducing multiple risks. Owing to extra data checks, smart contracts strengthen the transaction security, thus adding dynamics to the market.

    On June 4, CREDITS CEO and Founder Igor Chugunov, Business Development Manager Anton Kuklev and CREDITS Representative in India Debasis De met Oriental Bank of Commerce represented by Swarup Kumar Saha, (General Manager of Treasury and International Banking Division), Kuldeep Bhalla, (General Manager of IT Department), Amit Kumar Srivastava, (Dy. General Manager of Treasury and International Banking Division). CREDITS started with a presentation of the platform and went on to the discussion of the blockchain application in banking and the solutions the company can offer. The participants agreed to go through the p2p transaction case and explained their vision of the future cooperation. The parties planned to draw up a memorandum and organize a pilot project for the bank.
    Recognizing that banking is a customer-focused industry, CREDITS brought another important solution to the Indian banks. Due to the lack of a common constantly updated data storage and processing system banks often have to use outdated client information; slow data processing by credit bureaus allows customers to raise loans at several banks at the same time and exposes banks to fraud risks. CREDITS Know-Your-Client (KYC) solution implies the use of a private blockchain technology, a sole data source, the obtaining of data in real time, fee decrease owing to the reduction of the number of middlemen, transparent data input and editing, and mitigated risk of data acquisition red-tape.

    CREDITS KYC solution capable of ensuring administrative and financial expense reduction became one of the subjects that CREDITS team discussed at the introductory meeting with IT executives of the State Bank of India on June 6. Apart from the KYC technology, Mohan Govindarajalu, Dy. General Manager (IT — Innovations & Quick Wins), Igor Chugunov, Anton Kuklev and Debasis De discussed the use of CREDITS platform for the development of the digital currency, p2p, bank-to-bank transfers, deposits, and derivatives on the basis of blockchain. The parties agreed to set-up a joint pilot project.

    On June 7, CREDITS visited Indian Banks’ Association to hold talks with its Chief Executive V.G. Kannan and K. Ramachandran, Senior Advisor Banking Technology. They discussed the structure and purpose of the organization and the possibility of using a common blockchain platform for the banks that will ensure internal and bank-to-bank transfers.

    On the same day CREDITS met Biswajit Dhar, Chief General Manager at Digital Banking and Emerging Payments Department of IDBI Bank. The agenda of the event included the digital currency project on the basis of CREDITS platform, blockchain-based transfers between banks, deposits and derivatives on the basis of the latest blockchain technologies, and CREDITSknow-your-client solution.

  • #2
    I read one article where Indian State Bank confirms that blockchain can replace all conventional bank services by 2030. Credits experts know exactly how blockchain technology can fit in with the world of banking. So Credits are on the right way and they know what they are doing. Happy that didn't miss this project


    • #3
      This is actually a bold step, credits will go places,