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Infosys Joins With 7 Indian Banks For Blockchain Trade Finance Network

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Indian IT giant Infosys has partnered with seven Indian banks for a blockchain-based trade finance network.

Infosys Finacle, part of EdgeVerve Systems, a product unit of Infosys, announced the development of India Trade Connect or ITC in partnership with the banking consortium, which includes Axis Bank, ICICI Bank, South Indian Bank and YES Bank, among others. According to Infosys, ITC's goal is to digitize trade finance workflows within a distributed, trusted, and shared network.

In a statement, the company noted that the banks use the network to run a successful pilot of Finacle Trade Connect, a blockchain technology based solution developed specifically to address the trade finance process requirements of banks.

The network will enable automation and transparency, and improve risk mitigation in domestic trade and supply chain finance operations, it added.

Sanat Rao, chief business officer at Infosys Finacle, said, "Digitization of trade finance processes using distributed ledger technology offers immense potential to eliminate the friction, cut costs and increase revenue through new business products that are now viable using the modern technologies."

Banking partner ICICI bank has recently announced a blockchain trade finance initiative involving over 250 companies.

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