Digital payments entity and eCommerce platform Infibeam Avenues and blockchain startup Primechain Technologies have announced a partnership to implement a cross-border blockchain invoicing platform for the $12 trillion global trade finance market.
Primechain's blockchain technology will run exclusively on Infibeam's infrastructure, as well as with the LinuxOne platform at the Gujarat International Financial Tech City. The platform will also support different blockchain frameworks, including the hyperledger, hyperledger fabric and multichain.
“While Infibeam continues to invest in FinTech future solution[s], the digitalization of the traditional financial sector, especially the global trade finance sector, has opened an opportunity for more secure and encrypted global FinTech platform[s]. This collaboration will enable Infibeam to target [the] $12 trillion global trade finance market,” said Vishal Mehta, managing director of Infibeam Avenues, according to The Economic Times.
The companies pointed out that blockchain can minimize fraud for importers and exporters, banks and financial institutions, insurers and export credit agencies, government agencies and service providers. In addition, the technology can boost information and money flow, improve auditability and streamline processes.
“Infibeam’s Datacenter with IBM's Linux ONE servers were chosen because of their encryption capabilities, speed and scalability” said Shinam Arora, CEO of Primechain Technologies. He added that the platform would support use cases such as anti-money laundering review, auction of goods and freight contracts, cargo-tracking, cross-border trade payments, invoice discounting, supply chain transparency and counterfeit reduction, and trade documents.
Founded in 2016, Primechain's solutions serve clients in various sectors, including banking and financial services, government, healthcare and pharmaceuticals, insurance, manufacturing, aviation, shipping and logistics, telecommunications, defense and military.
The startup also operates BankChain, an alliance of banks created to build, explore and implement blockchain-based solutions. The BankChain community boasts 37 members, with 28 Indian banks, including State Bank of India, ICICI Bank, Kotak Mahindra Bank, HDFC Bank and Yes Bank.