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.
- 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
- Commodities Behemoth Testing Blockchain Tech with Crude Oil Cargo - January 21, 2017
- Berlin’s Neufund Blockchain Fundraising Platform Raises $2 Million - January 21, 2017
- Alibaba’s Ant Financial Aims for 2 billion Users by Bringing Blockchain Technology to Alipay - January 20, 2017
- ChronoBank Plans to Use Multiple Blockchains - January 20, 2017
- Hyperledger Welcomes New Blockchain Platform Partner Cello - January 20, 2017
- WISeKey and Stratumn Join Forces to Use Blockchain for Real-Time Accountability and Traceability in Enterprise Processes - January 20, 2017
- Blockchain Report – European Union Agency for Network and Information Security (ENISA) - January 20, 2017
- FINRA Seeks Comment on New Report on the Potential Implications of Blockchain - January 18, 2017
- Finlync Designs ERP Integration to Distributed Ledger and Blockchain - January 18, 2017
- European Central Bank Considering Digital Currency – Cryptocash - January 18, 2017
- US Homeland Security Testing Blockchain To Track People, Goods Across Borders - January 17, 2017
- Israeli Tax Authorities Might Go After Bitcoin - January 16, 2017
- Senior US Regulator David Blaszkowsky Joins Canadian Blockchain Intelligence Group (BIG) Advisory Board - January 16, 2017
- Seven European Banks Cut Blockchain Deal to Facilitate Easier Cross-Border SME Commerce - January 16, 2017
- Marketforce to Host 2nd Annual The Blockchain Summit on 28th March 2017 in London - January 15, 2017
- Waves Platform Implements New Blockchain Scalability Approaches - January 14, 2017
- China’s Puerbank Group Launches Global Node for A Standardized Blockchain-Based Digital Currency in the UK - January 14, 2017
- DU and Guardtime Partner with Dubai’s NMC Hospital to Revolutionize Electronic Health Records with Blockchain Technology - January 14, 2017
- Report: Blockchain Slated to Become $8 Billion Global Industry By 2024 - January 14, 2017
- Blockchain Could Save Financial Services $110 billion over Next Three Years - January 14, 2017
- Russia Embraces Bitcoin – No Plans to Ban Cryptocurrencies - January 14, 2017
- Canadian BTL Group Completes Blockchain Pilot With Major Global Energy Company - January 12, 2017
- Tokio Marine & Nichido Fire Insurance and NTT DATA Cut Blockchain PoC For Insurance - January 12, 2017
- HfS Research Recognises VirtusaPolaris for Emerging Blockchain Services in BFSI - January 12, 2017
- Deloitte Launches Blockchain Lab in New York - January 12, 2017
- SWIFT launches Blockchain Proof of Concept In Hyperledger - January 12, 2017
- Blockchain VIP’s to Gather for Major Retreat This Month - January 12, 2017
- IBM Watson Health and US FDA Announce Blockchain Healthcare Data Project - January 12, 2017
- Equibit Development Corporation Sets $7 million Funding Target, Crowdsale Date - January 12, 2017
- US National Science Foundation Offers $8.5m in Funding for Blockchain Proposals for Cyberinfrastructure Security - January 11, 2017
- China Poised to Dominate Fintech and Blockchain Markets in 2017 - January 10, 2017
- Respectonomy Social Network To Tackle Censorship Using Blockchain - January 10, 2017
- South Korea Plans to Launch a Full-Scale Pilot Project on Blockchain-powered Financial Services - January 10, 2017
- Postal Savings Bank of China (PSBC) Announces First Blockchain Financial Service - January 10, 2017
- Reserve Bank of India (RBI) Releases Bullish Report on Blockchain for Clearing, Settlement - January 10, 2017
- Blockchain TV – TED Talk | How the Blockchain will Radically Transform the Economy | Bettina Warburg - January 10, 2017
- Alfa-Bank and S7 Airlines Close Blockchain Deal in Russia - January 10, 2017
- Life.SREDA and the Russian Republic of Tatarstan To Introduce Blockchain Technology For Public Administration System - January 10, 2017
- Union Square Ventures Leads $4M Funding Round for Blockchain Startup Blockstack - January 10, 2017
- US Department of Energy Eyeing Blockchain Solutions for Security – Seeking Proposals - January 10, 2017
- India’s Axis Bank to Use Ripple Blockchain for Cross-Border Remittances - January 10, 2017
- Georgia to Store Real Estate Documents in Blockchain System with Bitfury Group and Hernando de Soto - January 10, 2017
- US Depository Trust & Clearing Corporation Selects IBM, AXONI and R3 to Develop Derivatives Processing On Blockchain - January 10, 2017
- Grantcoin Foundation Expands Board of Directors – Distribution Rescheduled to Late January - January 8, 2017
- UNICEF, UK Home Office and BTCC to speak at London Blockchain Week 2017 - January 6, 2017
- American Company The Seam to Form Cotton Blockchain Consortium with IBM on Hyperledger Fabric - January 5, 2017
- Move over Bitcoin – MIT Cryptographer Silvio Micali and his Public Ledger ALGORAND… The Future of Blockchain? - January 5, 2017
- Blockchain to Play Role in Future of Transportation? UBS Teams up with ZF and innology SE to Make it Happen - January 5, 2017
- Blockchain Group Hyperledger Expands into China - January 5, 2017
- The Evolution Of Casinos – Next Generation Transparent Ethereum Smart Contracts Based Casino “Edgeless” - January 5, 2017