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Infosys partners with 7 Indian banks to form blockchain trade network

Infosys Ltd. unit Infosys Finacle formed a blockchain-based trade network in India in collaboration with seven local banks.

India Trade Connect, the new trade network, is being used by Financle's partners to run a pilot program that addresses the trade finance process requirements of banks, according to a May 16 release. The lenders are Axis Bank Ltd., ICICI Bank Ltd., IndusInd Bank Ltd., Kotak Mahindra Bank Ltd., RBL Bank Ltd., South Indian Bank Ltd. and Yes Bank Ltd.

The network will digitize trade finance business processes, including validation of ownership, certification of documents and making payments, while working on a shared network.