ICICI Bank successfully on-boarded 250 corporates on its blockchain platform for domestic and international trade finance transactions. The electric trade finance process, unalterable ledger will give the ability to access a single information source. ICICI Bank officials said that – leading Indian corporates including ‘S&P BSE 100 Index’ are now undertaking domestic and international trade finance transactions on its custom-made blockchain platform.
ICICI Bank said, “This initiative marked another milestone in the bank’s respectable role to promote blockchain in the banking industry in the country.”
The ICICI Bank become the first bank in the country and the first few globally to undertake pilot transactions in trade finance systems. Now after a few years, more than the 250 corporates are now signed up for the blockchain transactions to experience a time and cost saving way by undertaking domestic and international trade transactions.
ICICI Bank Blockchain Trading System
According to the major lending, some Indian corporates have been undertaken trade finance transactions of various types like cross-border remittance for salary payment to employees of a group company of an organization, domestic vendor payments in other city, payments for raw materials to a domestic partner in other cities as well. All of these can be made through banking blockchain platform. This will improve the time and cost regarding all transactions, document submission and verification, quick and accurate transactions, real-time decision making, and real-time stats as well.
The banking blockchain system will reduce the lengthy document process and their counterparts.
The MD and CEO of the ICICI Bank, Mrs. Chanda Kochhar said, “We are also collaborating with peer banks and other partners to create a comprehensive ecosystem in the industry by the banking blockchain system and it will evolve the common working standards to contribute the adoption.”
The ICICI Bank created blockchain application which digitally processes paper-intensive trade finance. It enables the seller and buyer link for all domestic and international locations. The transactions will be made through secure and encrypted digital contracts over a secure network. In this system, blockchain and AI will feature a major role to increase user authenticity and accessibility.