May 16: Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Indian tech major Infosys Ltd, on Wednesday announced the successful formation of ‘India Trade Connect’, a blockchain-based trade network in India, in partnership with Axis Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank, South Indian Bank and Yes Bank.
According to the company, 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.
“Finacle Trade Connect will enable increased automation and transparency, while helping efficiently manage risks in trade and supply chain financing operations. India Trade Connect has also been adjudged as the winner of the prestigious Celent Model Bank 2018 award for Trade Finance and Supply Chain, affirming the potential of this network,” Infosys said in a statement.
“The network is designed to digitize trade finance business processes, including validation of ownership, certification of documents and making payments, while working on a distributed, trusted and shared network,” it added.
Commenting on the development, Sanat Rao, Chief Business Officer, Infosys Finacle, said, “at Infosys Finacle, we are committed to reimagining banking and providing a continuous thrust on collaboration with our clients. In pursuit of this, digitization of Trade Finance processes using distributed ledger technology offers immense potential to eliminate the friction, cut costs and increase revenue through new business products that are now viable using the modern technologies. We are committed to helping our clients realize the path breaking benefits of blockchain technology and we look forward to many more collaborations to strengthen this consortium and building other networks across the world.”