Home / ICICI Bank on-boards over 250 corporates on its blockchain platform for trade finance

ICICI Bank on-boards over 250 corporates on its blockchain platform for trade finance

Mumbai | Tuesday, Apr 17 2018 IST:Private Sector Lender, ICICI Bank, announced that it has

successfully on-boarded over 250 corporates on its blockchain platform for domestic

and international trade finance, the most by any bank in India.

With this, leading Indian corporates, including ones from the 'S&P BSE 100 Index', are now

undertaking domestic/international trade finance transactions on the Bank's custom-made

blockchain platform.

This initiative marks another milestone in the Bank's pioneering role to promote blockchain in

the banking industry in the country.

In August 2016, ICICI Bank became the first bank in the country and among the first few

globally to successfully undertake pilot transactions in international trade finance and

remittance in partnership with Emirates NBD, a Bank release said.

Since then, more than 250 corporates, including the country's leading companies have signed

up on the Bank√Ęs blockchain application to experience a more time and cost efficient and

secure way of undertaking domestic & international trade transactions. The usage of

blockchain technology simplifies the paper-intensive trade finance process by bringing

counterparties on the same platform, enabling decision making in almost real time.

It brings in the improved convenience of accurate and quick transactions, eliminating

the need to wait for courier of paper documents across cities and verification through trade

intermediaries. This is in contrast to the current process wherein counterparts await the

receipt of lengthy paper trails to initiate domestic / international trade finance transactions.

Leading Indian corporates from 'S&P BSE 100 Index' have undertaken trade finance transactions

of various types through ICICI Bank's blockchain platform for trade finance. 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 many others.

Chanda Kochhar, MD & CEO, ICICI Bank said, ''ICICI Bank has a rich legacy of leveraging the latest technology to bring in new paradigms in banking. We were the first in the country and among few globally

to pioneer cross-border open account trade finance and remittance transactions on blockchain. I am delighted to share that we have scaled up the operations to sign over 250 corporates on our blockchain solution for trade transactions, the maximum for any blockchain solution in the country. 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.''

UNI JS NP AE 1403

-- (UNI) -- C-1-DL0169-1331184.Xml


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