Infosys Finacle Partners With Emirates NBD and ICICI Bank to Launch Blockchain Pilot Network

283
ADVERTISEMENTSMunchee Dmarket exhastaWorldcore ICOParagon ICO

Share with:


EdgeVerve Systems, a wholly owned product subsidiary of Infosys, Emirates NBD, the leading banking group in Middle East and ICICI Bank Limited, India’s largest private sector bank by consolidated assets, today announced the pilot launch of Blockchain network for international remittances and trade finance. Both, Emirates NBD and ICICI Bank run Finacle solutions suite and have leveraged the Blockchain framework to route business transaction between the two entities for remittances and trade finance business.

Emirates NBD is the First in UAE and ICICI Bank is the First Bank in India to Pilot Blockchain-based Network for International Remittances and Trade Finance.

“Blockchain technology offers unprecedented opportunities to transform banking as we know it. 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. We are delighted to partner with ICICI Bank and Emirates NBD, who are innovation leaders in their respective regions. 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,” said Dr. Vishal Sikka, Chief Executive Officer & Managing Director, Infosys.

Using the EdgeVerve Blockchain Framework for Financial Services, the network was successfully piloted on the UAE-India remittance corridor, one of the busiest corridors for both banks. According to the World Bank, this corridor is the largest receiver of remittances with a share of close to 70 Billion USD out of the 580+ Billion USD world over.

“ICICI Bank has a rich legacy of leveraging the latest technology to bring in new paradigms in banking. Akin to pioneering new technologies in the country like software robotics, mobility and near-field communication among others, I am delighted that we are the first bank in India and among few globally to set up a Blockchain application. We have also marked a milestone bommon working standards to contribute to the commercial adoption of this initiative,” remarked Ms. Chanda Kochhar, Managing Director & Chief Executive Officer, ICICI Bank.

With this, Emirates NBD became the first bank in UAE and ICICI Bank, the first bank in India, to pilot a Blockchain-based network for financial services. The exercise was started eight weeks ago and additional use cases are being explored for the pilot. Both financial institutions have started the process towards a network consortium for further participation by interested member banks to expand the transaction network.

“Our pilot project with Infosys Finance and ICICI bank, a first for the banking sector in the UAE, demonstrates Blockchain’s immense potential to change how organizations and governments conduct business. We look forward to further collaboration with the public sector and our private peers to further adoption of this technology in the UAE,” added His Highness Shaikh Ahmed bin Saeed Al Maktoum, Chairman, Emirates NBD.

Considering its strong presence in the financial industry through Finacle suite of solutions, Emirates NBD and ICICI Bank chose to partner with EdgeVerve for the pilot. This framework is a permissioned asset-agnostic ledger, designed specifically for the banking sector. Blockchain-based applications built on this framework, can deliver enhanced automation across inter-organizational processes, transactional security and accuracy at a significantly lower cost.

Highlights:

  • 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. Consequently, this will lead to significant cost savings for the business
  • As part of this pilot, remittances, trade finance purchase order and invoice financing processes were executed on the Blockchain network. It achieved a near real-time transfer of invoices and purchase orders in a transparent and secure manner
  • The Blockchain network has also been integrated with the Finacle Universal Banking Suite and other host systems within the application ecosystem in both banks
  • The network model has been designed to be least disruptive to existing systems and processes in banks. This reduces complexity as it allows banks to seamlessly plug in their systems and processes to work with Blockchain powered networks

EdgeVerve Systems, a wholly owned subsidiary of Infosys, develops innovative software products and offers them on-premise or as cloud-hosted business platforms. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients’ growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying.

Today EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom. Finacle, our universal banking solution, is the choice of financial institutions across 84 countries and serves over 547 million customers – nearly 16.5 percent of the world’s adult banked population.

To know more, visit http://www.edgeverve.com

 

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

Visit Website
View All Articles
advertisementBlockchain Expo