The collaboration will leverage on Infosys Finacle’s technology.
A blockchain-powered trade finance network called India Trade Connect has been launched in India with the participation of seven banks. The banks include Axis Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank, South Indian Bank, and Yes Bank.
The network is powered by technology from Infosys Finacle, a banking product that offers universal banking functionality to banks.
"The network is being used by the banks to run a successful pilot of Finacle Trade Connect, a blockchain technology based solution developed specifically to address the trade finance process requirements of banks," Infosys said in a statement.
Also read: 14 Thai banks collaborate to develop shared blockchain platform
The network will digitise finance business processes including validation of ownership, certification of documents, and making payments. It has a wide range of functions from bill collection, letters of credit, open account for trade, customer to customer, transactions for trade, business to customer transactions for trade, PO financing, and invoice financing.
It can also allow for instant transfer of messages and documents as well as reduce costs through the digitisation of information exchange.
“Whilst there have been significant innovations in payments, Trade Finance is now starting to pick up. We are excited about the potential of India Trade Connect initiative to digitize end-to-end trade finance operations and bring about a speedy, transparent and secure experience for our corporate clients," said Axis Bank EVP & head of transaction banking Anil Agarwal.
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