Infosys blockchain powers ICICI Bank and Emirates NBD trade finance ops
Made for trade?
ICICI Bank and Emirates NBD say they have successfully executed the “first” banking transactions using blockchain in international trade finance in India and the UAE respectively.
The development saw the exchange and authentication of remittance transaction messages as well as original international trade documents related to purchase orders, invoices, shipping and insurance, among others, electronically on blockchain in real time. ICICI says typically, this process takes a few days, but with blockchain it is “almost instant” – i.e. “only a few minutes”.
The pilot transactions were made on a custom-made blockchain application, co-created with EdgeVerve Systems, a subsidiary of Infosys. In April, Banking Technology reported on the launch of the EdgeVerve Blockchain Framework, targeted at the financial services sector.
Both banks are long-standing customers of Infosys and users of its Finacle core banking software.
Chanda Kochhar, MD and CEO, ICICI Bank, says blockchain “will play a significant role in banking in the coming years by making complex bilateral and multi-lateral banking transactions seamless, quick and more secure”.
Shaikh Ahmed bin Saeed Al Maktoum, chairman, Emirates NBD, says pretty much the same thing. But as a special treat adds that blockchain is a “game changer”.
While both worked together on the blockchain-powered transactions, that esprit de corps didn’t extend to their official announcements.
Both banks issued separate press releases, which lauded their own individual merits, yet only briefly mentioned the other.
One joint press release would have been enough. And would have spared us the jargon.
