Infosys Finacle and R3 complete trial of blockchain based trade finance application

Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys, today announced the successful completion of a global blockchain trial in partnership with R3, the enterprise blockchain software company.

Eighteen banking groups joined the test network of Finacle Trade Connect – a blockchain based trade finance application, available on R3’s Corda platform. By creating a distributed, global business network of nodes running Finacle Trade Connect, the trial simulated real-world trade finance transactions.

Finacle Trade Connect was launched in 2017 and is currently powering a trade network comprising of over 250 corporates.

“Infosys Finacle’s successful completion of this global blockchain trial is a clear demonstration of the efficiencies blockchain can bring to various financial markets, and trade finance is no exception to that. As the promise of the technology continues to gather pace through trails such as this one, we are moving closer to bringing blockchain to the fore as a viable option to transform financial markets – in trade finance and beyond.”
David E. Rutter, CEO at R3

Highlights of the Trial:

The participating banks include ABC Bank Ltd, AO Alfa-Bank, Axis Bank, Bank of Baroda, EBE Bank, Federal Bank, Fidelity Bank Plc, First Bank of Nigeria, First City Monument Bank Ltd, Gulf International Bank, Intesa Sanpaolo, Prime Bank, RBL Bank Ltd, Syndicate Bank and Standard Bank (South Africa).

Over the last four years, Finacle has made significant investments in developing blockchain solutions in the areas of remittances, trade finance and identity management. With Finacle Trade Connect solution, our vision is to help banks dramatically reduce costs and improve customer experience by connecting banks, trade partners and corporates on a unified distributed network. The trial results demonstrate the value banks can unlock with our solution. With an emerging technology like blockchain, collaboration and co-innovation is a key to achieve exponential benefits and we are committed to help our clients in their pursuits of transforming trade finance with permissioned ecosystems.”
Sanat Rao, Chief Business Officer, Infosys Finacle

Exit mobile version