May 16, 2018 / 9:58 AM / in 3 months

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

MUMBAI, May 16 (Reuters) - India’s Infosys Ltd 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, Axis Bank Ltd and Kotak Mahindra Bank Ltd.

“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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