The solution — Finacle Trade Connect — will help digitise the trade finance business process, including validation of ownership, certifying documents and making payments.
It is available for functions including bill collection, letters of credit and invoice financing among others.
He, however, did not name the banks.
It enables secure, peer-to-peer transactions that can be verified without any centralised authority.
Banks and other financial institutions are increasingly investing in blockchain technology as it cuts their costs and make their operations faster and more transparent.
Rao said the new solution will provide higher automation, increase transparency and enable real-time availability of data.
This will enable better decision making and opening up new business avenues for both banks and corporates, he added.
The framework is ledger agnostic and is capable of working with most industry leading blockchain platforms such as Bitcoin, Hyperledger, Ethereum and Corda, he said.