Infosys has set up India Trade Connect, a blockchain-based trade network in India. Seven banks – including Axis Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, South Indian Bank, YES Bank and RBL Bank – are collaborating with Infosys in this effort. The company said in a statement the network is being used by the banks 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 platform will enable increased automation and transparency, while helping efficiently manage risks in trade and supply chain financing operations, it added. The network is designed to digitize trade finance business processes, including validation of ownership, certification of documents and making payments, while working on a distributed, trusted and shared network. The range of functions include bill collection, letters of credit, open account for trade, customer to customer transactions for trade, business to customer transactions for trade, PO financing and invoice financing.
