India's Infosys sets up blockchain-based trade finance network with seven banks [Reuters (UK)]
Infosys Limited American Depositary Shares (INFY)
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Source: Reuters
India's Infosys sets up blockchain-based trade finance network with seven banks | Reuters 2 Min Read MUMBAI (Reuters) - India’s Infosys Ltd ( INFY.NS ) 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 ( ICBK.NS ), Axis Bank Ltd ( AXBK.NS ) and Kotak Mahindra Bank Ltd ( KTKM.NS ). “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; Editin
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