Mahesh Govind from Digiledge presents on BizDay at CordaCon 2019.

1. Improving remittances
in the world’s
second largest corridor
October2019

2. 2
Agenda
• About us
• The use case
• Features
• Roadmap
• Crossing the production Chasm
• Other activitiesby Digiledge

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. Customers
4
Collaboratingwith
enterprises toidentifyand
develop solutionsbasedon
blockchaintechnology

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

11. Our production journey
11
POC Pilot Production
Challenging ,both
business wise and
technology wise

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

14. Use cases
Livestock
Motor
Features
ClaimSubmission
Survey
Damage Estimation
Technology
Blockchainfor trust
AI for analysis and damage
estimation
Claims Platform

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
Thank you mahesh@digiledge.com
email
+91-9591810218
phone