Three Indian firms have launched a blockchain-based networking platform which aims to prevent double invoicing, a well-known typology in trade-based financial crime.
The platform will also identify other financial crimes according to the developers.
The platform developed by A.TREDs, Receivables Exchange of India Ltd (RXIL) and M1xchange will identify double invoicing where two invoices purport to involve the same goods.
No single financial institution controls the platform, but several institutions can securely and confidentially share information, which reduces fraud in trade finance according to the developers.
A.TREDS is a joint venture of Axis Bank and mjunction services while RXIL is a joint venture promoted by the National Stock Exchange of India.
M1xchange is an online exchange being set up with the approval of the Reserve Bank of India to facilitate invoice discounting and bills of exchange across India.
Categories: Trade Based Financial crimes News