In a pioneering project, ICICI Bank and Emirates NBD partnered with Infosys Finacle to pilot the first blockchain-based network for international remittances and trade finance. The new framework replicates the paper-intensive international trade finance process as an electronic decentralized ledger, which enables all the parties within the framework to access a single source of information in real-time. The framework is also equipped to send real-time financial messages to the recipient bank allowing the remittance transaction to take place instantaneously. Overall, this facilitates quicker, transparent and secure transactions. The initiative was recognized at Celent Model Bank awards as the “Most promising proof of concept”