In July, 2018, IBOS members KBC, Nordea, Santander and UniCredit launch the first real-time blockchain platform we.trade, with pilot customers making live trades. All members are key players in the design and implementation of this cutting-edge solution.
we.trade is a joint venture owned by nine leading European banks, which has developed a new blockchain-based platform with the aim of simplifying financial transactions for companies by addressing the challenge of managing, tracking and protecting domestic and international trade transactions.
we.trade was established by IBOS members KBC, Nordea, Santander and UniCredit, along with Deutsche Bank, HSBC, Natixis, Rabobank and Société Générale, to address the expectations of their customers and to make cross-border trades more transparent and simple. The consortium has succeeded in meeting each bank’s internal governance and procedures requirements to make this innovation a reality.
Many banks and companies are looking for a more efficient and cost-effective way to trade internationally. The we.trade solution, built on the IBM Blockchain Platform, powered by Hyperledger Fabric technology, offers banks’ customers access to a user-friendly interface by leveraging innovative smart contracts, and opens up potential new trading opportunities. Companies and SMEs can negotiate and complete orders, establish the terms of the trade agreement and access the financial services offered on the platform with complete security and trust in the knowledge that the company in the other country is a reliable and proven customer of a we.trade partner bank.
Over the coming months, the service will be offered to all companies. we.trade is currently available in 11 countries in Europe: Germany, Belgium, Denmark, Spain, Finland, France, Italy, the Netherlands, Norway, Sweden and the UK. Further expansion into further markets in Europe and globally are expected, as more banking partners come on board.