Infosys Finacle, a subsidiary of Indian IT giant Infosys, announced the development of a trade network called India Trade Connect (ITC) in partnership with seven Indian private banks, including ICICI, Axis Bank, South Indian Bank and Yes Bank.
An Infosys press release says ITC is currently being used for a pilot project, using the blockchain-based solution to increase automation and transparency, and help manage risks in trade and supply chain financing.
According to Infosys, ITC has been designed to digitize trade finance business processes and covers areas such as ownership validation, certification of documents and payments.
Sanat Rao, chief business officer at Infosys Finacle, said he hopes to bring more banks into the alliance to spread the potential benefits of blockchain systems.
“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.”
– Sanat Rao
Another bank that recently announced a blockchain trade finance initiative involving over 250 companies, ICICI said that the partnership “will enable automation, increase transparency as well as enhance efficiency across trade and supply chain operations.”
The group hopes to create a “comprehensive blockchain ecosystem, thereby contributing towards greater adoption of this technology,” said Ajay Gupta, senior general manager at ICICI Bank.
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