e-Discounting System (e-DS) Qorus Banking Innovation Awards 2021

Submitted by

ICICI Bank

Premium

30/09/2021 Banking Innovation

With an objective of eliminating manual reconciliation, dependency on financial intermediary and brokers and transit time to physical LC advising, ICICI Bank has introduced e-DS which is a Marquee solution developed using Blockchain architecture. This industry-first initiative has the capability to disrupt inland bill discounting transactions in India by bringing together the nuances of trade, government initiatives & power of blockchain. This platform is a one-stop solution that provides all functions of LC (view, review, download) thus enabling the client to reduce dependence on paper.

Innovation details

Country
FranceCategory
Reimagining the Customer ExperienceKeyword
Operational excellence & efficiency, Transformation, Blockchain

Innovation presentation

e-DS is powered by DLT based blockchain technology which aims at re-defining & digitally transforming the Domestic Supply Chain Ecosystem. It enables real time digital flow of LCs, facilitates API enabled digital presentation & drawdown requests from customer’s ERP resulting in improved liquidity & working capital efficiency. The solution virtually connects enterprises across the value chain on a single platform interface & provides faster processing through multi-channel integration & leverages the transparency, integration & immutability of blockchain to add value to all stakeholders. The technology architecture of e-DS enables advising of LCs from any bank in India to the client electronically, eliminating existing paper trail. Clients can view, review & download the LCs. Post shipment, documents can be submitted electronically on the platform. AI / ML technology facilitates data extraction from LCs, simplifying customer journey and reducing data entry.

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