Axis Bank has successfully executed the industry-first blockchain enabled Domestic Trade Transaction with Arcelor Mittal Nippon Steel India (AM/NS India), and Lalit Pipes & Pipes Ltd. (LPPL) on Secured Logistics Document Exchange (SLDE), a Government of India (GOI) backed platform. The transaction involved the process of Letter of Credit advising as well as digital presentation of underlying trade documents including invoice & transport documents, it said in a press release.
The platform provides a seamless experience to all participants involved in the trade transaction, giving them visibility of the transaction and documents, thus resulting in better management of working capital requirement. Execution of transaction on the SLDE platform addresses all historic issues with paper-based trade transactions such as limited transparency, slow speed of transfer of physical documents, and lack of audit log.
“This transaction reinforces Axis’ commitment to lead the digitisation in Transaction banking space. Axis continues to lead the industry in adoption of blockchain technology by working along with various partners & developing the ecosystem,” said Vivek Gupta, President & Head – Wholesale Banking Products, Axis Bank.
“AM/NS India is constantly looking to bring a sustained improvement in the function and delivery of its supply chain network involving various stakeholders as Vendors, Customers and Bankers. This transaction with Axis Bank is a step in this direction. The generation and storage of logistics documents through the SLDE platform going forward will bring efficiency, assist audit trail and leave a greener transaction imprint," said Amit Harlalka, Deputy Chief Financial Officer, Arcelor Mittal Nippon Steel India (AM/NS India).
“LPPL is always looking for opportunities to upgrade and reinvent its working and processes, and blockchain enabled SLDE is one example of the same. Using SLDE, we look forward to reducing our carbon footprint while enabling greater transparency, visibility, and sustainability towards our various internal and external stakeholders. We are proud to have taken this first leap with Axis Bank and wish to be a trendsetter for other organisations to follow.” said Zoher Diler, Jt. MD & CFO, Lalit Pipes & Pipes Ltd.
