Banks Complete Cross-Border Trades On IBM-Powered Blockchain
On Tuesday, a group of European banks announced the successful completion a series of cross-border financial trades through a jointly developed blockchain platform. The live transactions on We.Trade were executed over the past five days between 10 companies and were facilitated by four partner banks.
Built on IBM’s Blockchain Platform, We.Trade was founded earlier this year by Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit, to boost the efficiency and transparency of cross-border financial transactions in response to customers.
Customers have access to a user interface on the IBM Blockchain Platform powered by Hyperledger Fabric. Expanding on details about the platform, Chief Operating Officer at we.trade, Roberto Mancone, stated:
“The we.trade platform is a live, blockchain based trade platform. These transactions prove that we.trade is a robust and commercially viable proposition. We are delighted to have launched for the first time in the world, a blockchain based platform that enhances the overall customer experience, when trading internationally. The next step will be getting buy-in from additional banks and their customers in Europe and further afield.”
Hubert Benoot, Head of Trade at KBC and Chairman of the we.trade Board of Directors, also commented:
“This live trade is a massive achievement for all involved. Not only has we.trade built a technical solution, it has also managed to create real collaboration across multiple banks and increased the connectivity of the trade ecosystem. This really is collaboration at its finest.”
Parm Sangha, GBS Blockchain Leader of IBM, added:
“As we.trade has moved from pilot applications to conducting live transactions across borders, it has demonstrated the power of blockchain technology in an enterprise setting. To convene a large network of regulated banks and demonstrate how blockchain technology can help them gain efficiencies and provide greater transparency in live transactions is a disruptive model that has the potential to reshape the future of global trade finance.”