250 corporations join ICICI bank’s blockchain platform

Banking giant ICICI is moving ahead with a previously revealed blockchain trade finance initiative.

Announced Tuesday, the India-based company has enlisted more than 250 corporations to undertake domestic and international trade finance transactions using ICICI’s blockchain platform.

Corporate firms have signed up on the bank’s blockchain application and are using the technology in cross-border remittance for the payment of employee salaries, raw materials to domestic partners and payments to domestic vendors, a company release said.

As such, Chanda Kochhar, managing director and CEO of ICICI foresees blockchain having “immense potential to simplify the document-intensive trade transactions.”


icicibank.com


 

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