To form the trade network, Infosys collaborates with a consortium of banks, such as Axis Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank, South Indian Bank and Yes Bank. The network is set to be used by the banks to run a pilot of Finacle Trade Connect, a blockchain technology based solution developed specifically to address the trade finance process requirements of banks.
Finacle Trade Connect is designed to digitise trade finance business processes, including validation of ownership, certification of documents and making payments, while working on a distributed, shared network.
The range of functions of the network includes bill collection, letters of credit, open account for trade, customer to customer, transactions for trade, business to customer transactions for trade, PO financing and invoice financing. Furthermore, the network allows for instant transfer of messages and documents between the parties involved, all the while reducing lifecycle turnaround time.
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