Emirates, ICICI Complete Cross-Border Blockchain Transaction
Two more major banks successfully completed a cross-border transaction executed on a blockchain today. Announced by ICICI Bank and Emirates NDB, the trial represents the latest efforts among banks worldwide to use the technology to facilitate faster, lower-cost transactions. Notably, ICICI and Emirates NDB are among the largest banking groups in their respective countries. In one of the tests, an ICICI bank branch based in Mumbai transmitted a transaction, via a blockchain, to an Emirates NDB location in Dubai. The banks also tested a distributed ledger for tracking documentation for trade....
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India’s largest private sector lender, ICICI Bank, has tied up with Dubai’s largest bank, Emirates NBD, to develop a blockchain platform to facilitate international trade finance and remittance. Indian bank ICICI has announced the successful pilot of transactions executed over a blockchain, developed in partnership with Middle Eastern banking giant Emirates NBD. A custom-made blockchain platform was used for the transactions, developed by a subsidiary of Indian technology powerhouse Infosys. The pilot transactions saw an ICICI Bank branch in India’s industrial capital Mumbai, remit funds....
Since blockchain technology makes it cheap and easy to send immutable data and information all over the world in seconds, this field trial was only a matter of time. Blockchain technology is being explored by many financial service providers all over the world right now. Over in India, the first-ever blockchain transaction has been successfully completed. ICICI Bank, one of the country’s largest private banks, conducted several transactions using this technology. In doing so, they became the first Indian bank to publicly acknowledge success in the world of distributed ledgers. As one would....
ICICI Bank and three other financial services platforms have partnered with Stellar cryptocurrency platform to enable blockchain based fund transfer. The Indian fintech sector has lately been in the news a lot. In yet another milestone achievement, one of the leading banking institution — ICICI has partnered with Stellar blockchain platform. In the latest release, Stellar has announced partnerships with not one but four different entities across the world. In addition to ICICI Bank, other platforms include Coins.ph — a Philippines-based mobile financial services provider; Flutterwave — a....
NBAD announces the inclusion of blockchain technology for cross-border funds transfer, becomes first Middle Eastern bank to do so. The blockchain industry in the Middle East is driven by the United Arab Emirates (UAE). The National Bank of Abu Dhabi, better known as NBAD is one of the institutions leading the blockchain wave in the country’s financial sector. It has become the first bank in the Middle East to use blockchain technology for real-time cross-border payments. The blockchain based fund transfer system implemented by NBAD uses Ripple’s Distributed Financial Technology. The....
Two banks in India have reportedly partnered on a series of blockchain trials aimed at testing the waters for potential new services. Axis Bank and Kotak Mahindra Bank are working on early concepts related to cross-border payments and transaction settlement, according to Indian news portal LiveMint. The news closely follows that of ICICI, another Indian banking institution, is working with Dubai-based Emirates NBD on similar initiatives. Combined, the two partnerships signal strong interest among India’s banking sector in applications that focus on the movement and settlement of funds.....