ICICI Bank, India’s largest private sector bank by consolidated assets, announced that it has successfully on-boarded over 250 corporates on its blockchain platform for domestic & international trade finance. 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.
Since then, more than 250 corporates, including the country’s leading companies have signed up on the Bank’s 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 counter-parties 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 / countries and verification through trade intermediaries.
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.
– Ms. Chanda Kochhar, MD & CEO, ICICI Bank
As an additional initiative in the blockchain space, the bank also aims to expand the blockchain ecosystem by co-creating another blockchain based system for trade finance in partnership with other banks. To harness the full potential of the technology, this consortium seeks to invite various constituents of trade including buyers, sellers, logistics partners, insurance companies and other authorities on to the blockchain ecosystem for providing an end-to-end digitized trade solution.