22 July 2018
Visit www.avoka.com

Icici Bank onboards 250 corporates to blockchain platform

17 April 2018  |  15115 views  |  0 India, tuk-tuks

India's Icici Bank has onboarded more than 250 corporate customers to its custom-developed blockchain platform for domestic and international trade finance

The blockchain application digitises the paper-intensive international trade finance process as an electronic, distributed and unalterable ledger, and gives the participating entities including banks the ability to access a single source of information.

The bank has been testing the system over the past two years and says that leading Indian corporates from the S&P BSE 100 Index have undertaken trade finance transactions of various types over the platform. These include cross-border remittance for salary payment to employees of a group company of an organisation, domestic vendor payments in another city and payments for raw materials to a domestic channel partner among others.

The shared ledger enables all the parties- buyers and sellers across domestic & international locations, all branches and locations of Icici Bank in the country and overseas, to view the data in real time. It also allows them to track documentation and authenticate ownership of assets digitally and execute a trade finance transaction through a series of encrypted and secure digital contracts. Further, it allows each participant to check online the status of the application and transmission of original trade documents through the secure network.

Chanda Kochhar, MD & CEO, Icici Bank says: "I envision that the emerging technology of blockchain holds an immense potential to simplify the document-intensive trade transactions by bringing all stakeholders on a single platform.

In another initiative, we are also collaborating with peer banks and other partners to create a comprehensive ecosystem in the industry using blockchain and evolve common working standards to contribute to even greater adoption of this initiative.”

Alongside its own inhouse programme, the bank is additionally working with a consortium of peers to invite trade finance participants, including including buyers, sellers, logistics partners, insurance companies and other authorities on to a co-operatively-owned and developed blockchain platform for an industry-wide end-to-end digitised trade solution.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Ripple makes new connections to emerging markets

Ripple makes new connections to emerging markets

21 February 2018  |  19731 views  |  0 comments | 18 tweets | 11 linkedin
Nordea joins trade finance blockchain consortium we.trade

Nordea joins trade finance blockchain consortium we.trade

05 December 2017  |  19711 views  |  0 comments | 12 tweets | 11 linkedin
India's largest lender to begin tests of smart contracts

India's largest lender to begin tests of smart contracts

21 November 2017  |  7092 views  |  0 comments | 7 tweets | 9 linkedin
Hong Kong and Singapore joins forces on blockchain trade finance platform

Hong Kong and Singapore joins forces on blockchain trade finance platform

25 October 2017  |  13816 views  |  0 comments | 11 tweets | 14 linkedin
Four more banks join IBM/UBS blockchain trade finance platform

Four more banks join IBM/UBS blockchain trade finance platform

04 October 2017  |  14420 views  |  0 comments | 16 tweets | 32 linkedin
R3 and 12 banks plan overhaul of open-account trade finance

R3 and 12 banks plan overhaul of open-account trade finance

26 September 2017  |  16416 views  |  0 comments | 19 tweets | 32 linkedin
India's central bank plans blockchain platform

India's central bank plans blockchain platform

01 September 2017  |  21401 views  |  0 comments
Mizuho completes DLT-based trade finance transaction

Mizuho completes DLT-based trade finance transaction

07 July 2017  |  20909 views  |  0 comments | 19 tweets | 8 linkedin
Yes Bank uses blockchain to help client with vendor financing

Yes Bank uses blockchain to help client with vendor financing

04 January 2017  |  12215 views  |  1 comments | 14 tweets | 13 linkedin
Emirates NBD and Icici demo blockchain application for trade finance

Emirates NBD and Icici demo blockchain application for trade finance

12 October 2016  |  8720 views  |  1 comments | 6 tweets | 15 linkedin
Bank consortia look to distributed ledgers and smart contracts to rewire trade finance

Bank consortia look to distributed ledgers and smart contracts to rewire trade finance

10 August 2016  |  23428 views  |  2 comments | 53 tweets | 57 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://go.jumio.com/finextraAdVisit https://secure.vasco.comVisit info.nice.com

Who is commenting?

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
13573 views comments | 6 tweets | 8 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
11246 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
10114 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
7452 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
7267 views comments | 2 tweets | 7 linkedin

Featured job

Competitive base, double ote, benefits
New York, Boston, Chicago, Philadelphia, USA

Find your next job