Spain’s CaixaBank Implements Blockchain Trading Platform We.Tradebr>
Spanish financial services company CaixaBank has officially added blockchain-based trading platform we.trade to its service catalogue for companies.
Formerly Criteria CaixaCorp, CaixaBank is Spain’s third-largest lender by market value, after Banco Santander and BBVA. It has 5,397 branches to serve its 15.8 million customers, and has the most extensive branch network in the Spanish market. CaixaBank was one of the first European banks to assess blockchain’s potential for financial services, and actively participates in various consortia, where innovation takes place with new solutions based on this technology.
The we.trade platform was developed by Nordea, along with 12 banks including Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale, Banco Santander and UniCredit, using the IBM Blockchain platform to exploit a licensed blockchain for transactions in supply chain trade financing. The platform allows companies to identify trusted counterparties for establishing new commercial relations – providing full visibility on transaction and shipment status, digitalizing the whole process from order creation to payment execution.
In a press release, CaixaBank said that it has become one of the first European banks to grant its customers access to blockchain technology, with the goal of helping them to internationalise their business.
“The we.trade platform offers speed, simplicity and security for all parties in foreign trade transactions,” CaixaBank said. “It has been developed by a consortium comprising 15 European financial institutions, and it allows importers and exporters -collectively from a single connection point- to conduct their trading operations in a digital format in a simple and user-friendly way.”
According to bank, we.trade’s smart contract feauture links the trading operation with the financing or payment, and with the fulfillment of the trading conditions. This reportedly prevents any default risk for companies, which can contribute to driving the internationalisation of many companies’ business.