EdgeVerve Systems, a wholly owned product subsidiary of Infosys, Emirates NBD, a banking group in Middle East and ICICI Bank Limited, India’s largest private sector bank by consolidated assets, have announced the pilot launch of a 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.
Dr. Vishal Sikka, Chief Executive Officer and Managing Director at Infosys, said: “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.”