Italian Bank UniCredit Completes First International Transaction Via Blockchain Platform We.tradebr>
Italian banking and financial services UniCredit has successfully completed its first international transaction via blockchain-based we.trade platform.
The we.trade platform was developed by UniCredit together with eight other European banks, including Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale, Banco Santander and Nordea. The platform, which was built on the IBM Blockchain Platform and powered by Hyperledger Fabric, aims to provide a more cost-efficient way for companies and banks to trade internationally. It maps the entire transaction process (end-to-end) and leverages smart contracts.
UniCredit’s first international transaction via the we.trade platform involved one of the bank’s corporate clients, Navabi GmbH, an internationally active plus size online retailer. UniCredit said they used the platform to place an order with a Spanish supplier.
“We.trade is a success story in bank collaboration and we are delighted to announce our first transaction,” said Gianfranco Bisagni, UniCredit’s Co-Head of Corporate and Investment Banking. “Over time, we are confident that the platform will redefine trade relationships between SMEs and increase the connectivity of the financial ecosystem as a whole – something our clients stand to firmly benefit from.”
Currently, the we.trade platform is running its pilot phase in Italy, Belgium, Denmark, Finland, France, Germany, the Netherlands, Norway, Spain, Sweden and the United Kingdom. In the coming months, the platform is expected to be available for a broader market, including corporate customers of the banks involved. The group is also planning to on-board new banks in the near future and also add non-financial banking services to the platform, from industries like shipping and insurance.