EdgeVerve Systems, a wholly-owned subsidiary of Infosys, has formed India Trade Connect, a Blockchain-based trade network in India, in partnership with Axis Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank, South Indian Bank and Yes Bank.
The network is being used by the banks to run a pilot of Finacle Trade Connect, a blockchain technology-based solution developed to address the trade finance process requirements of banks.
The network is designed to digitize trade finance business processes, including validation of ownership, certification of documents and making payments, while working on a distributed, trusted and shared network, says Infosys.
The range of functions include bill collection, letters of credit, open account for trade, customer to customer, transactions for trade, business to customer transactions for trade, PO financing and invoice financing.
[Image courtesy: Infosys]