As it became known, a coalition of 9 European banks has tested in real time a blockchain platform for financial transactions called we.trade. During the week, 10 companies made several trade transactions through 4 partner banks.
A representative of HSBC Bank reports:
"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."
The we.trade platform was created to improve the efficiency of international financial transactions. It was developed by an alliance of 9 banks: Deutsche Bank, HSBC, KBC, Santander, Société Générale, Natixis, Nordea, Rabobank, and UniCredit. We.trade is based on blockchain technologies IBM and Hyperledger Fabric.
"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," stated Parm Sangha, GBS Blockchain Leader at IBM.
Now we.trade works in 11 European countries. However, chief director of the platform Roberto Mancone said that the territory, where the platform is operating, will only expand, and he intends to attract banks and their customers not only in Europe but abroad it as well.