Blockchain Platform We.trade Welcomes Batavia Consortium Banksbr>
CaixaBank, Erste Group and UBS have joined the we.trade blockchain platform as shareholders and banking partners.
The we.trade platform was developed by nine banks, including Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and UniCredit, Banco Santander and Nordea, to exploit a licensed blockchain for transactions in supply chain trade financing. Powered by Hyperledger Fabric, the platform makes use of smart contracts to improve transparency for open account trade transactions. In June this year, the banks conducted its first live transactions over the platform.
The addition of CaixaBank, Erste Group and UBS – members of Batavia, a consortium set up by IBM and UBS in 2016 to explore the application of blockchain techonology in trade finance – expaned we.trade’s geographical reach to a number of European countries, including Austria, Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland, and the UK.
“We.trade welcomes CaixaBank, Erste Group and UBS as shareholders and users,” said Roberto Mancone, Chief Operating Officer of we.trade. “This confirms the previously announced roadmap of we.trade and keeps us on track with our strategy of expanding our global coverage network over the coming quarters with banking and non-banking partners.”
Mar Santana Rollán, Director Foreign Trade & Exchange at CaixaBank, said that by joining we.trade, they will be able to provide all their international corporate clients with leading-edge digital trade solutions, consolidating their fully customer-centric innovation model.
Ingo Bleier, Head of Group Corporates at Erste Group, said that the enlarged we.trade stands out among trade services platforms through its innovative and proven application of blockchain technology and its unparalleled reach across markets.
“We’re glad that Erste Group is joining we.trade as an equal shareholder, allowing us to put together our knowledge of blockchain-based trade services, which we have built up within Batavia, and to make we.trade’s uniquely convincing offering available to our corporate clients,” Bleier said.
Jason Kelley, General Manager Blockchain Services at IBM, said that they believe the key to success with blockchain solutions lies within the strength of the network.
“We are excited to see this success as a proof point that networks will continue to grow through an evolution of coming together in complementary areas to build broader ecosystems, and in many cases a network of networks,” Kelley said. “In the innovative we.trade network there is strength in being able to securely share data within a permissioned network, banks will be able to finance supply chain processes more efficiently and with greater trust.”