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Infosys sets up blockchain-based trade finance network with seven…
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Infosys sets up blockchain-based trade finance network with seven…

MUMBAI (Reuters) – India’s Infosys Ltd 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.

The Infosys logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/Files

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, Axis Bank Ltd and Kotak Mahindra Bank Ltd.

“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; Editing by Euan Rocha

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