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TradeChain is a digital end-to-end Blockchain solution for managing domestic trade transactions of clients on an ‘Open Account’ basis as well as under the ‘Letter of Credit’.
It supports the entire lifecycle of trade transactions, starting from issuance of the Purchase Order to its acceptance and from raising of the Commercial Invoice to its acceptance and payment. Also, customers can submit requests for issuance of the Letter of Credit, documents presented under LC and for providing acceptance through the TradeChain platform. Financing requests for the same can also be initiated through this platform.
The solution is aimed at providing efficient working capital management solution to clients. It also provides real-time tracking of transactions, reducing transaction-time, providing audit-trail, offering transparency of information and digital presentation of documents.
TradeChain can be leveraged by our esteemed clients to do paperless transactions within the ICICI Bank network.
The TradeChain platform provides multiple benefits for its users:
A transparent, simple and secure transaction-environment
Real-time alerts and availability of transaction information
Elimination of the transit-time with digital case-submission
E-Presentation of documents, resulting in faster processing
Reduced transaction-time and cost
Convenience of submitting transactions online.
TradeChain currently offers the following modules to its users:
Open Account transactions
Letter of Credit Issuance and Advising
Bill Presentation and Acceptance.
Clients need to provide a simple On-boarding Form for availing the platform. For more details, please contact your nearest branch or get in touch with your Account Manager.
Existing ICICI Bank customers having a Current Account with our Bank can be on-boarded.
No, there is no involvement of physical document-submission.