Emirates NBD & ICICI Bank: Blockchain Pilot Network
Celent Model Bank Award: Emirates NBD & ICICI Bank: Blockchain Pilot Network
Winners of Celent Model Bank 2017 Award for Most Promising Proof of Concept. Using the EdgeVerve Blockchain Framework for Financial Services, Emirates NBD and ICICI Bank piloted trade finance and remittances transactions across the UAE-India corridor, one of the busiest corridors for both banks.
Distributed ledger technology, often referred to as blockchain, threatens to disrupt the corporate banking sector with its potential to improve visibility, lessen friction, automate reconciliation, and shorten cycle times. In particular, corporate banking use cases focusing on traditional trade finance, supply chain finance, cross-border payments, and digital identity management have attracted significant attention and investment.
In what could be an unprecedented collaboration, financial institutions and technology providers are accelerating the development and adoption of distributed ledger solutions across financial services by banding together. In an environment of limited technology research and development budgets, the collaborative approach helps financial services firms to take the long view by sharing development expertise and cost.
With this project, Emirates NBD became the first bank in UAE and ICICI Bank, the first bank in India, to pilot a blockchain-based network for financial services.
"With this project, Emirates NBD became the first bank in UAE and ICICI Bank, the first bank in India, to pilot a blockchain-based network for financial services," commented Patricia Hines, Senior Analyst in Celent's Banking practice. "This blockchain network model is least disruptive to existing systems and processes in banks. This approach reduces complexity as it allows banks to integrate blockchain powered networks seamlessly into their current architecture."
EdgeVerve Blockchain Framework for Financial Services
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
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