ICICI Bank 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. ICICI Bank executed these pilot transactions via its blockchain network with Emirates NBD on a custom-made blockchain application, co-created with EdgeVerve Systems, a wholly owned subsidiary of Infosys.
ICICI Bank is India’s largest private sector bank with consolidated total assets of $138.67 billion as of March 31, 2016. Its subsidiaries include India's leading private sector insurance companies, securities brokerage firm and mutual fund. The bank’s presence currently spans 17 countries, including India.
