ICICI Bank attracts companies to a blockchain platform that deals with international transfers

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One of the largest banking organizations in India ICICI continues to implement the previously proposed blockchain project on international transfers. At the moment, the Indian company managed to attract in its new program already 250 banking organizations. Program participants use blockchain technology to implement transnational remittances in various areas. This is the payment of wages to employees, and the payment of sending raw materials between partners, etc.

The head of ICICI speaks about the huge potential of blockchain technologies in the banking sector, in his opinion they will significantly simplify the passage of transactions because their traditional implementation requires a huge amount of documentation. Another advantage of the new platform is that transactions on it will be viewed by banks in real time, which will greatly enhance their transparency and security. An example of this was a successful trial transnational transfer executed as part of a major deal with Emirates NBD 2 years ago.

ICICI plans to cooperate with banking organizations and other companies to develop an entire ecosystem in the banking industry that operates on blockchain technologies and to create and develop common working positions and standards for which the banking industry will in the future be based.