ICICI Bank and Emirates NBD start their blockchain-based financial project

29 November 2016

A global consulting and IT services company, an India-based unit of Infosys, EdgeVerve Systems Limited will be providing a blockchain platform for leading banks Emirates NBD and ICICI Bank. The two major banks will be partnering together over the blockchain network for trade finance and international money transfers at an early stage of their collaboration.

EdgeVerve Blockchain Framework for Financial Services will be the basis for the international cooperation between the Indian and UAE banking groups. They will be working over the transactions in the field of trade finance and international remittances. Besides, the banks will be implementing the blockchain framework for trading invoices, buying orders, as well as invoice financing processes and other transactions in trade finance.

According to the report of Infosys the automatic performance of these processes will help financial organizations to cut their costs and make monitoring of funds exchange more accurate. An executive from Infosys says that the blockchain system creates incredible opportunities for changing the banking industry. He adds that the trial of the blockchain service is just another step on the way for the expanded implementation of the blockchain powered applications.

A month ago it was announced that Emirates NBD cooperated with its partner bank Icici Bank to finish the trial of the blockchain platform for international transfers and trade finance on open accounts. The two companies conducted the test of their proof of concept product on the basis of EdgeVerve Blockchain Framework provided by Infosys.

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