Mumbai, 23rd, December, 2021: 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.
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, Said :
“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.”
About Vayana Network
Vayana Network is one of India’s largest Supply Chain Finance platform in India, having enabled finances of USD 8 Billion to over 22,000 MSMEs across 1000 supply chains in 25 different sectors. Vayana connects corporates and their trade ecosystems to provide digital, convenient, and affordable access to credit for their payables and receivables.
With its proprietary technology, Vayana has processed over 2 million transactions and offers a zero-change experience to customers.
The network today spans across 600 cities and 1150+ pin codes in India and extends to 20 countries across the globe.
The company is increasingly catering to the smallest of MSMEs in the long tail of the supply chains. Vayana is also one of the largest GSP (GST Suvidha Provider) in the country, facilitating, GST, E-Way bill and E-invoice for numerous corporates and lakhs of SMEs.
The GSP platform has witnessed over 2.5 billion-plus API calls in GST and e-invoicing, with zero downtime.
Since its launch, 1 in 5 e-invoices have been generated by Vayana.
Furthering its objective of bringing Supply Chain Finance to every business, Vayana has recently received in-principle approval to set up ITFS platform at GIFT City, Gujarat.
