Top EU banks complete live blockchain trading

A group of banks have developed "a commercially viable blockchain-based trading system".

Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale and UniCredit recently carried out seven transactions with 10 companies over five days on the platform. Created in October 2017 and called, this tracks and handles trading operations from start to finish. allows for real-time trade settlement and features know-your-customer checks, as well as smart contracts ensuring automatic payment when an agreement is completed.

“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,” says IBM GBS Blockchain Leader, Parm Sangha.

The platform operates in 11 European countries and plans are afoot to expand to other banks and customers across the region.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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