Share this article
Infosys Partners with 7 Banks for Blockchain Trade Finance Network
IT giant Infosys has built a blockchain-based trade finance platform involving seven Indian banks including ICICI and Axis.
Updated Sep 13, 2021, 7:57 a.m. Published May 17, 2018, 9:30 p.m.
Indian IT giant Infosys is exploring the potential of blockchain technology to bring new efficiencies in trade finance.
Infosys Finacle, a subsidiary of the firm, announced Wednesday the development of a trade network called India Trade Connect (ITC) in partnership with seven Indian private banks, including ICICI, Axis Bank, South Indian Bank and Yes Bank.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The blockchain-based network has been designed to digitize trade finance business processes and covers areas such as ownership validation, certification of documents and payments.
ITC is currently being used by the banks for a pilot project, using the blockchain-based solution to, a release states, increase automation and transparency, and help manage risks in trade and supply chain financing. According to Infosys, ITC has been built to be blockchain "agnostic" in order to "future-proof" the network against future changes in technology.
Sanat Rao, chief business officer at Infosys Finacle, said he hopes to bring more banks into the consortium in order so they can learn about the potential benefits of blockchain systems.
Rao said:
"Digitization of trade finance processes using distributed ledger technology offers immense potential to eliminate the friction, cut costs and increase revenue through new business products that are now viable using the modern technologies."
ICICI bank, which recently announced a blockchain trade finance initiative involving over 250 companies, said that the partnership "will enable automation, increase transparency as well as enhance efficiency across trade and supply chain operations."
Going forward, the group aims to create a "comprehensive blockchain ecosystem, thereby contributing towards greater adoption of this technology," said Ajay Gupta, senior general manager at ICICI Bank.
Infosys building image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
