WE.TRADE BLOCKCHAIN PLATFORM COMPLETES MULTIPLE REAL-TIME CUSTOMER TRANSACTIONS
we.trade has confirmed that the first live trades have taken place on the platform. Over the last 5 days, 10 companies have executed trades, via four banks. These transactions signify the first commercially viable open account trades harnessing blockchain technology.
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, offers customers access to a simple user-interface, leveraging innovative smart contracts and opens up potential new trading opportunities.
“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, said Roberto Mancone, Chief Operations Officer, we.trade.
Roberto continued, “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.”
we.trade was established by Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale and UniCredit to address the expectations of their customers to make cross-border trade more straightforward. The consortium has succeeded in meeting each banks internal governance and procedures requirements to make this innovation a reality.
Commenting on the successful launch, Omer Ahsan, Head of Customer Propositions at HSBC and we.trade Board Member said, “Last week three of our clients executed transactions using we.trade: Fluid Pumps used the platform to complete an open account transaction with a customer in Finland, GPS Food Group completed an intercompany transaction that included the use of a Bank Payment Undertaking and also executed two open account transactions with Paragon Quality Foods.”
“These transactions are a great example of how HSBC is innovating to meet our clients’ needs. HSBC is at the forefront of developments to make trade faster, safer and cheaper for our clients. Our work with we.trade is another example of how we’re actively leading the industry to digitise trade and trade finance.”
“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,” said Parm Sangha, GBS Blockchain Leader, IBM. “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.”
At present we.trade is operating across eleven European countries: Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden and the UK. we.trade expects to expand into additional markets in Europe and globally as further banking partners come on board.