<p> EdgeVerve Systems, a wholly-owned product subsidiary of India’s second largest IT services company Infosys, on Tuesday announced the pilot launch of blockchain network for international remittances and trade finance with Emirates NDB and ICICI Bank. <br /><br /></p>.<p>With the blockchain network in place, both banks expect automation of inter-bank processes through smart contracts, secure digital exchange of documents and real-time monitoring of positions through integrated dashboards. <br /><br />Commenting on the development, Infosys Chief Executive Officer and Managing Director Vishal Sikka said in a statement that the blockchain technology offers unprecedented opportunities to transform banking as it is known today. <br /><br />“Like any innovative technology, the usage of blockchain-based applications will gradually increase from early adopters to others who will join based on proven and tangible benefits. With this pilot, we are clearly a step closer to see mainstream adoption of blockchain-based applications. We look forward to further collaborations with our clients and other banks to create a blockchain-powered consortium in the financial services industry,” he said.<br /><br />Blockchain-based applications built on this framework can deliver enhanced automation across inter-organisational processes, transactional security and accuracy at a significantly lower cost. The blockchain network has also been integrated with the Finacle Universal Banking Suite and other host systems within the application ecosystem in both banks.<br /><br />It is successfully piloted on the UAE-India remittance corridor, one of the busiest corridors for both banks. According to World Bank, this corridor is the largest receiver of remittances with a share of close to $70 billion out of the $580 billion plus world over. ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar said the it has a rich legacy of leveraging the latest technology to bring in new paradigms in banking. <br /><br /></p>
<p> EdgeVerve Systems, a wholly-owned product subsidiary of India’s second largest IT services company Infosys, on Tuesday announced the pilot launch of blockchain network for international remittances and trade finance with Emirates NDB and ICICI Bank. <br /><br /></p>.<p>With the blockchain network in place, both banks expect automation of inter-bank processes through smart contracts, secure digital exchange of documents and real-time monitoring of positions through integrated dashboards. <br /><br />Commenting on the development, Infosys Chief Executive Officer and Managing Director Vishal Sikka said in a statement that the blockchain technology offers unprecedented opportunities to transform banking as it is known today. <br /><br />“Like any innovative technology, the usage of blockchain-based applications will gradually increase from early adopters to others who will join based on proven and tangible benefits. With this pilot, we are clearly a step closer to see mainstream adoption of blockchain-based applications. We look forward to further collaborations with our clients and other banks to create a blockchain-powered consortium in the financial services industry,” he said.<br /><br />Blockchain-based applications built on this framework can deliver enhanced automation across inter-organisational processes, transactional security and accuracy at a significantly lower cost. The blockchain network has also been integrated with the Finacle Universal Banking Suite and other host systems within the application ecosystem in both banks.<br /><br />It is successfully piloted on the UAE-India remittance corridor, one of the busiest corridors for both banks. According to World Bank, this corridor is the largest receiver of remittances with a share of close to $70 billion out of the $580 billion plus world over. ICICI Bank Managing Director and Chief Executive Officer Chanda Kochhar said the it has a rich legacy of leveraging the latest technology to bring in new paradigms in banking. <br /><br /></p>
