FEDERAL Bank has been adjudged winner of the award for best use of block chain technology at ‘Drivers of Digital Summit and Awards 2018’, a prestigious award recognising digital innovation in various industries and sectors. The bank emerged as winner from more than 800 technology projects from around the world.
Federal Bank’s block chain cross border remittance solution had earlier bagged awards under the category ‘Emerging Block Chain Technology Solution of the Year’ at BFSI Innovative Technology Awards 2018 and ‘KMA NASSCOM IT Best Innovator’ at KMA NASSCOM IT Awards 2018. Federal Bank has employed innovative technologies for Instant account opening and block chain and API Banking, allowing not just customers to experience smart solutions but also developing the fintech ecosystem in India by giving access to APIs to fintech startups.
Mahesh S Nair, assistant manager and Abhijit Bimal Kumar Laha, manager, Federal Bank received the award for best use of block chain technology on behalf of Federal Bank.