Banking

European banks complete ‘real-life’ cross-border blockchain transactions

Four European banks have successfully completed live cross-border trades using blockchain technology.

The ‘real-life’ financial transactions were carried out on the We.Trade platform – a joint-venture between nine leading banks – and represents a significant move beyond pilot stage for enterprise-level blockchain technology in the financial sector.

“The application is no longer a proof of concept, but a company with its own team that is set to deliver the first concrete blockchain-based enterprise-grade, resilient and commercially-viable application globally,” said Roberto Mancone, We.Trade COO.

Built on IBM’s blockchain technology and powered by Hyperledger Fabric, We.Trade was developed to improve the cost and efficiency of international financial transactions using smart contracts.

According to the announcement today (July 3), the last five days saw 10 companies execute trades via four banks, with HSBC – one of the companies behind We.Trade reporting that three of its clients were able to complete open account transactions last week via the platform within Europe.

“These transactions prove that We.Trade is a robust and commercially viable proposition,” commented Mancone.

We.Trade is currently available across 11 countries in Europe, including Belgium, Denmark, Finland, France, Germany, Netherlands, Norway, Spain, Sweden and the UK. Mancone said the next step will be getting “buy-in from additional banks and their customers in Europe and further afield.”

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top

We are using cookies on our website

We use cookies to personalise content and ads, to provide social media features, and to analyse our traffic. Please confirm if you accept our tracking cookies. You are free to decline the tracking so you can continue to visit our website without any data sent to third-party services. All personal data can be deleted by visiting the Contact Us > Privacy Tools area of the website.