Indian Software Exporter Infosys Develops Blockchain-Powered Trade Finance ...

[mskumar]

India’s second-biggest software service exporter, Infosys Limited, has developed a custom blockchain-powered trade finance network in a bid to overcome fraud in the Indian banking industry. To start, seven private lenders will test the trade finance network to increase security and transparency in the finance sector.

Blockchain to Combat Banking Frauds
The seven Indian private lenders that have enlisted to pilot the network include Axis Bank Ltd, ICICI Bank Ltd, IndusInd Bank Ltd, Kotak Mahindra Bank Ltd, RBL Bank Ltd and South Indian Bank Ltd. Infosys envisions several international banks to join Infosys trade finance network.

Sanat Rao, Chief Business Officer at Infosys Finacle, said: “We’re in very advanced discussions in Australia with a consortium of banks and I think you’ll see more announcements.”

The Indian banking industry is in deep water, due to the string of frauds that came at the hands of poor banking infrastructure and disloyal bank employees. Reportedly, banking frauds in the country have doubled in India over the last five years. The total Indian banking fraud has reached over $4 billion. However, implementing blockchain technology can enhance security and transparency throughout the trade finance process.

Trade finance can be a messy task as it involves multiple participants to complete a transaction. Leveraging blockchain technology to trade finance can cut the entire process duration while making the task less paper-intensive. Infosys’ blockchain powered trade finance network makes transactions transparent for all participants of the trade finance process, which includes importers, exporters, regulators, financiers of both buyers and sellers, insurers and service providers.
Source:https://btcmanager.com/indian-software-exporter-infosys-develops-blockchain-powered-trade-finance-network/?utm_source=onesignal&utm_medium=push

[Dushmantha0]