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E-invoicing, SCF & E-procurement

HSBC finances transaction on blockchain platform we.trade

Wednesday 28 August 2019 | 02:35 PM CET

HSBC has reportedly become the first bank to finance a transaction on European blockchain trade platform we.trade.

Built on the IBM Blockchain Platform using Hyperledger Fabric, the we.trade platform aims to simplify the financial processes underlying international trade for SMEs. The project was launched in 2017 and is backed by a consortium of leading banks including Deutsche Bank, HSBC, KBC, Natixis, Rabobank and Société Générale, Nordea, Santander, and UniCredit, among others.

The latest transaction involved HSBC’s client Beeswift, a UK-based protective equipment manufacturer, selling goods to a Netherlands-based company banked by Rabobank.

Using the we.trade platform, the entities were not only able to create and accept a purchase order online, but also obtain a bank payment undertaking (BPU) from Rabobank, with Beeswift receiving financing from HSBC against the BPU.

More: Link
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