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BizDay: Improving Remittances in the World's 2nd Largest Corridor, Digiledge

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Mahesh Govind from Digiledge presents on BizDay at CordaCon 2019.

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BizDay: Improving Remittances in the World's 2nd Largest Corridor, Digiledge

  1. 1. Improving remittances in the world’s second largest corridor October2019
  2. 2. 2 Agenda • About us • The use case • Features • Roadmap • Crossing the production Chasm • Other activitiesby Digiledge
  3. 3. Digiledgein news 3 • Federalbank announcement • South Indian bank announcement • https://www.businesstelegraph.co.uk/indias-federal-bank-is-building-a-remittance-app-on-r3s-corda/ • NASSCOM Report
  4. 4. Customers 4 Collaboratingwith enterprises toidentifyand develop solutionsbasedon blockchaintechnology
  5. 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. 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. 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. 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. 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. 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
  11. 11. Our production journey 11 POC Pilot Production Challenging ,both business wise and technology wise
  12. 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. 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
  14. 14. Use cases Livestock Motor Features ClaimSubmission Survey Damage Estimation Technology Blockchainfor trust AI for analysis and damage estimation Claims Platform
  15. 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
  16. 16. 16 Thank you mahesh@digiledge.com email +91-9591810218 phone

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