Major European banks have completed a test of IBM Blockchain platform for cross-border financial trades. The platform was developed by Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit.
4 July, AtoZ Markets – A number of European banks have informed the public that they have completed a series of cross-border financial trades via a jointly developed Blockchain platform. As per the official announcement, the live transactions on We.Trade were carried out during the past five days among 10 companies. The transactions were facilitated by four banks.
EU Banks Test IBM Blockchain Platform for Cross-border Financial Trades
One of the involved financial institutions, HSBC, stated that three of its clients also participated in the platform testing.
We.Trade is built on IBM’s Blockchain Platform. The platform was developed by Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit. The banks strived to increase the effectiveness of cross-border financial transactions.
Earlier this April, We.Trade was planning to commence testing the platform in May. It was also expected that the platform will be released during this summer. That time, Société Générale has stated that the focus on small and medium-sized enterprises trading within the EU allowed the platform to develop quickly.
Blockchain Adoption Is on the Rise
Parm Sangha, IBM’s blockchain lead in Europe, has commented on the latest developments:
“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.”
As of the moment, We.Trade operates in 11 EU nations. According to the platform’s Chief Operating Officer, Roberto Mancone, the next step would be to see the participants of the project “getting buy-in from additional banks and their customers in Europe and further afield.”
In the meantime, this June, the central bank of Brazil, Banco Central do Brasil (BCB) stated that it has developed the platform in a bid to enable secure data sharing between local financial regulators. These include Brazilian Superintendency of Private Insurance (SUSEP), the Brazilian Securities and Exchange Commission (CVM) and National Superintendency of Complementary Pensions (PREVIC).
In the announcement, the central bank has stated that Blockchain has provided such ability for the management of a horizontal network of data. The secure data storage has also been mentioned in the announcement.
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