ICICI Bank Partners with Emirates NBD to Executes India’s First Banking Transactions on Blockchain

 

ICICI bank

12 October 2016, India :

ICICI Bank announced that it has successfully executed transactions in international trade finance and remittance using blockchain technology in partnership with Emirates NBD, a leading banking group in the Middle East.

ICICI Bank is the first bank in the country and among the first few globally to exchange and authenticate remittance transaction messages as well as original international trade documents related to purchase order, invoice, shipping & insurance, among others, electronically on blockchain in real time. The usage of blockchain technology simplifies the process and makes it almost instant—to only a few minutes. Typically, this process takes a few days.

The blockchain application replicates the paper-intensive international trade finance process as an electronic decentralized ledger, that gives all the participating entities including banks the ability to access a single source of information.

The execution of the country’s first blockchain transactions come close on the heels of a slew of technology-led innovative services introduced by the bank recently. The list includes the introduction of Software Robotics to power banking operations, the country’s first NFC enabled contactless debit and credit cards, ‘Pockets’, India’s first digital bank on mobile phone and largest wallet by a bank, fully automated and round-the-clock ‘Touch Banking’ branches, Tab Banking, banking on social media (Facebook and Twitter), and ‘iMobile Smart Keys’ – Asia’s first payment service using a smart phone keyboard.

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