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CaixaBank turns to blockchain for corporate foreign trade transactions

CaixaBank has added the digital trade platform we.trade to its service catalogue for companies. It says this makes it one of the first European banks to grant its customers access to blockchain technology, with the goal of helping them to internationalise their business.

The platform is designed to offer speed, simplicity and security for all parties in foreign trade transactions. It has been developed by a consortium comprising 15 European financial institutions, and it allows importers and exporters - collectively from a single connection point - to conduct their trading operations in a digital format in a simple and user-friendly way.

The goal of we.trade is to increase the security and traceability of national and international trading transactions. Specifically, the solution provides real-time monitoring of transactions, which increases transparency throughout the process. Since it is a platform which can only be accessed by customers who are verified and authenticated by the member banks, the security and trust element of the transactions is very high.

The we.trade platform generates smart contracts that link the trading operation with the financing or payment, and with the fulfilment of the trading conditions. This prevents any default risk for companies, which can contribute to driving the internationalisation of many companies’ business.

Furthermore, the tool facilitates the transaction process for suppliers and buyers in a streamlined and collaborative way on a single shared platform, which can help improve their cash management and planning.

 

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This item appears in the following sections:
Trade & FSC Management
Financial Supply Chain Platforms
Trade & Counterparty Risk Mitigation
Trade Transaction & Payment Services
Europe
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