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

MUMBAI (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.