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European Banks Get A FootHold On Cross-Border Trading Using Blockchain Platform

On Tuesday, the consortium of nine leading European banks publicized their successful conduct: of a jointly developed IBM-powered blockchain platform for blockchain-based financial trades.And it has completed the first live testing of cross-border financial transactions.

The legitimate trades were reportedly carried out on we.trade over the span of five days between ten companies. They were assisted by four companies using blockchain technology. HSBC, one of the banks responsible for the development of we.trade, announced that three of the clients completed open account transactions through we.trade last week.

In regards to the event, Parm Sangha, IBM’s blockchain lead in Europe mentioned, “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.”

We.trade was built as a joint venture between Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit on IBM’s blockchain platform with its backing from its Hyperledger Fabric technology.

In order to make cross-border financial transactions more efficient, the companies are eager to utilize the platform for potential future opportunities.

Roberto Mancone, the platform’s COO, announced that the next step would be to get buy-ins from,“additional banks and their customers in Europe and further afield.” At present we.trade is available across eleven European countries: Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden and the UK.