BANGALORE, INDIA: EdgeVerve Systems, a subsidiary of Infosys, partners with Emirates NBD and ICICI Bank to announce the launch of blockchain network for international remittances and trade finance. The two financial institutions leverage the blockchain framework to route business transactions between the organisations.

New Developments in Banks

The blockchain network allows both the financial institutions to deliver automated inter-bank processes through smart contracts. The exchange of data is secured through real time monitoring using integrated dashboards. The remittance and trade finance are executed on the blockchain platform to enable instant transfer of invoices in a secured way. The blockchain network is integrated with Finacle Universal Banking Suite and other host systems within the application ecosystem in both banks.The complexity of the existing systems reduces as the blockchain network enables banks to seamlessly work in through the processes.

Finacle Universal Banking

Finacle universal banking provides a complete solution to address the core challenges in banks such as CRM, e-banking, mobile payments, digital commerce, loan origination, and wealth management requirement. The banks can embrace to digitalization deploying this solution to get effective results and meet the changing needs of the customer.

"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,” says Dr. Vishal Sikka, Chief Executive Officer & Managing Director, Infosys.