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Chronobank (OP)
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October 12, 2016, 12:43:15 PM |
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CHENNAI: ICICI Bank on Wednesday said it has successfully executed international trade finance transactions and overseas remittances using blockchain technology in partnership with Emirates NBD.
This puts ICICI Bank the first bank in India and one among a few globally to carry out overseas transactions -- which typically take a few days -- in a few minutes via blockchain.
The technology can be used to exchange and authenticate remittance transaction messages as well as original international trade documents related to purchase order, invoice, shipping and insurance. ICICI Bank executed these pilot transactions via a blockchain network, co-created with EdgeVerve Systems, a wholly owned subsidiary of Infosys.
"We have also marked a milestone by piloting a blockchain network with Emirates NBD as a partner and successfully executed cross-border open account trade finance and remittance transactions. I envision that the emerging technology of blockchain will play a significant role in banking in the coming years by making complex bilateral and multi-lateral banking transactions seamless, quick and more secure," said Chanda Kochhar, MD & CEO, ICICI Bank.
With blockchain, all the parties -- the importer in Mumbai, ICICI Bank, the exporter in Dubai and Emirates NBD -- can view the data in real time. It helps track documents, digitally authenticate ownership of assets on unalterable ledger and execute transactions through encrypted and secure digital contracts.
With no manual intervention, the automated process allows courier of paper documents across countries and verification through trade intermediaries. The earlier process involved complex and lengthy paperwork with international shipping and courier. Among the pilot transactions was a confirmation of import of shredded steel melting scrap by a Mumbai-based export-import firm from a Dubai-based supplier.
Overseas remittances for retail customers at lower costs are also possible with the new technology in real time. Currently, international remittances take a few hours to up to two days.
http[Suspicious link removed]cute-blockchain-based-transactions/articleshow/54811448.cms
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