Saturday, Apr 20, 2024 | Last Update : 11:23 AM IST
Infy, banks set up blockchain based network
The other partner banks include Kotak Mahindra Bank, South Indian Bank and Yes Bank.
New Delhi: Infosys on Wednesday said it has set up India Trade Connect, a blockchain-based trade network in India, in partnership with seven lenders, including Axis Bank, ICICI Bank, IndusInd Bank and RBL Bank.
The other partner banks include Kotak Mahindra Bank, South Indian Bank and Yes Bank. “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.
Finacle Trade Connect will enable increased automation and transparency, while helping efficiently manage risks in trade and supply chain financing operations, it added.
“The network will create new business opportunities for participating banks, while eliminating the inefficiencies in the existing trade processes and enabling everyone involved in a transaction to have a single source of the truth,” it added.
