India's Infosys sets up blockchain-based trade finance network with seven banks

Diamond Infosystems

16/05/2018 10:56

By Sankalp Phartiyal and Devidutta Tripathy
    MUMBAI, May 16 (Reuters) - India's Infosys Ltd  INFY.NS  has
formed a blockchain-based trade finance network in partnership
with seven private-sector banks, to raise efficiency in the
banking sector and strengthen its product offerings. 
    India's second-biggest software services exporter, whose
Finacle software is used by the majority of Indian banks, is
also in talks to sign up more domestic and foreign banks to the
network, a senior company executive told Reuters on Wednesday.
    Sanat Rao, chief business officer at Finacle, said banks
currently testing the blockchain-based trade finance network
include ICICI Bank Ltd  ICBK.NS , Axis Bank Ltd  AXBK.NS  and
Kotak Mahindra Bank Ltd  KTKM.NS .
    "We're in a very advanced discussions in Australia with a
consortium of banks and I think you'll see more announcements,"
Rao said.

 (Reporting by Sankalp Phartiyal and Devidutta Tripathy
Editing by Euan Rocha)
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