Vayana Network, one of India’s largest trade finance platform, and Federal Bank, a leading Private Sector Bank have been awarded the ‘Most Effective Bank-Fintech Partnership: Agile and Adaptable’ at the IBSi-Global Fintech Innovation Awards 2021. The award was conferred in recognition of Vayana Network’s partnership with Federal Bank, for automating and simplifying Supply Chain Finance. This year, the Innovation Awards attracted global attention with over 190 participants from 48 countries.
Federal Bank partnered with Vayana Network to provide a seamless on-boarding experience to dealers through their unique ‘Full Stack’ tech infrastructure – that facilitates end to end digital solution including client supply chain account set up, monitoring, digital authentication of documents on the transaction platform and notification to customers at every step.
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On this occasion, Shalini Warrier, Executive Director, Federal Bank said, “We congratulate Vayana Network for getting recognized on a global platform. This solution would help us reduce complexities of supply chain financing and deliver tremendous value to our customers”.
RN Iyer, CEO of Vayana Network, added, “We are honoured to receive this award in recognition of our work with Federal Bank. Our relationship with the Bank is not that of a supplier and client – but that of a genuine long-term partner – aligned, invested and committed to each other’s success.”
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About Federal Bank
Federal Bank is a leading Indian private sector bank with a network of 1,291 banking outlets and 1,957 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ₹ 3.06 Lakh Crore as on September 30, 2021. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 14.97% as on 30th September 2021. Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for Non-Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City).
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