Emirates NBD finalizes trials of blockchain proof of concept with Icici

12 October 2016

Middle East largest banking group Emirates NBD in cooperation with its partner bank Icici Bank has finished the trial of the blockchain platform for international transfers and trade finance on open accounts. The two companies have conducted the test of their proof of concept product on the basis of EdgeVerve Blockchain Framework provided by Infosys.

The distributed ledger of Infosys was specifically designed for the banking industry and integrated into the testing technologies of the banks. It was developed taking into account the need to have no impact on the current environment while enabling smooth integration.

According to Emirates NBD in the process of the trial in its Future Lab invoices and purchase ordered were transferred virtually in the real time mode which may mean reduction of time and expenses seen in the conventional platforms.

At the moment Emirates NBD is holding tests with the blockchain systems for using it in many areas of banking and financial services. An executive at the company notes that blockchain may become a key factor in modernizing and modifying the payment environment for the consumer and governmental sector as well as for businesses adding more features of security, scalability, speed and cost efficiency.

Earlier in September Emirates NBD unveiled its laboratory for testing financial products and technologies to develop understandable, easy to use and intuitive platforms and products for the consumers of banking services.

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