Introduction
Enabling New Frontiers in Trade Finance
Finacle Trade Connect is a blockchain-based solution developed to digitize and automate inter-organization trade finance process on a unified distributed, trusted and shared network. The solution helps banks curate trade networks with their corporate customers, frequent trade partners and other stakeholders driving drastic reduction in cycle time, unprecedented efficiencies and customer value. Finacle Trade Connect is available for a range of functions, including Letter of Credit, Open Account for Trade, Bill Collection, Bill Exchange, C2C Transactions for Trade, B2C Transactions for Trade, PO Financing, Invoice Financing, Bank Guarantee and Factoring.
“We are glad to be an active member of the India Trade Connect comprising select banks and Infosys Finacle. It is indeed a pleasure to note that we have been jointly awarded the Celent Model Bank Award for our collaborative efforts on blockchain. By being part of the India Trade Connect, our quest for innovation continues. We are confident that we can jointly develop a robust Trade Finance Platform powered by blockchain, which could revolutionize the current business models in this important area.”
– V.G. Mathew, Managing Director & CEO, South Indian Bank
Explore Possibilities With Finacle Trade Connect
Helping Banks Strategize Blockchain Journeys
Enabling Agility and Scale With Inter-Bank Partner Networks
India Trade Connect
Know how leading banks in India are transforming the trade finance business by leveraging Finacle Trade Connect to reduce the letter of credit cycle time from 8-9 days to 2-3 days.
Axis Bank believes in enhancing its customer experience by continuously innovating and leveraging new technologies. While there have been significant innovations in payments, Trade Finance is now starting to pick up. We are excited about the potential of India Trade Connect initiative to digitize end-to-end trade finance operations and bring about a speedy, transparent and secure experience for our corporate clients
Anil Agarwal, EVP & Head – Transaction Banking, Axis Bank
Accelerate Corporate Processing With Intra Banking Group Network
ICICI Bank Corporate Network
ICICI Bank, a leading bank in India, has on-boarded more than 500 corporates for domestic and international trade finance processing on the permissioned blockchain network
Drive The Platform Strategy Forward
ICICI Bank Trade As-A-Service Network
ICICI Bank, a leading bank in India, has set up captive networks with its international subsidiaries and offers “landing hubs” to partner banks enabling them to fulfill trade finance transactions on the permissioned blockchain network even in countries where they do not have a presence.
…With more organisations adopting the blockchain technology, it holds immense potential to offer a seamless network for all stakeholders on a single platform. Going forward, we intend to collaborate with peer banks and other partners and create a comprehensive blockchain.
Ajay Gupta, Senior General Manager, ICICI Bank
Blockchain and DLT in Trade – A Reality Check
A white paper by Deepesh Patel, Editorial Director, trade Finance Global (TFG), and Emmanuelle Ganne, Senior Analyst at the World trade Organization (WTO) looks at how blockchain and related technologies create a flatter, smarter, more connected, and overall better world for global trade and commerce
Related Resources
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