The platform’s existing banks are Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit, bringing the number of shareholders to twelve.
The joint endeavour ensures that companies can access the platform’s market reach and use their network for their international trade needs, distributing we.trade across 13 countries.
The we.trade platform addresses the expectations of companies to make cross-border trade more straightforward through the extension of its digital trade network. Following we.trade’s launch in June, the additional banking partners strengthen the platform’s position as the largest blockchain-based digital trade financing company in production. The shareholder banks have identified significant product and technology synergies with the former Batavia banks, as they have all developed similar solutions with IBM on Hyperledger Fabric, an open source blockchain framework hosted by The Linux Foundation.
we.trade continues to expand and evaluate additional partners from both the banking and non-banking sectors to join its vision of an open and interoperable platform. The addition of CaixaBank, Erste Group and UBS extends we.trade’s geographical reach to the following European countries -Austria, Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland and the UK.
we.trade Innovation DAC is a joint-venture company. Started in January 2017 under the name of Digital Trade Chain, the nine-bank consortium officially announced we.trade at the last SIBOS, in October 2017.
Together with IBM, we.trade has developed a digital trade platform to run on the IBM Blockchain Platform, based on the Linux Foundation’s Hyperledger Fabric. The platform was built to simplify trade finance processes for companies by addressing the challenge of managing, tracking and securing domestic and international trade transactions. we.trade develops and licenses the first blockchain trade platform for commercial clients and their banks available in the market.
Companies and SMEs can negotiate and complete orders, establish the terms of the trade agreement and access the financial services offered on the platform with trust in the knowledge that the company in the other country is a reliable and proven customer of a we.trade partner bank. The service is traceable and transactions can even include bank payment undertaking, which removes all default risk, something that until now discouraged some companies from internationalising. This new service makes it possible to do business with a larger number of importers and exporters, driving internationalisation.
Clients can register to the platform via their banks. Twelve European banks have guaranteed geographic and client coverage in 13 countries and additional banks will be able to offer we.trade to their clients in the coming months.
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