CaxiaBank Introduces Blockchain-Enabled Finance Platform We.trade!
On Jan. 3, Spain-based CaixaBank introduced the blockchain-powered finance platform. We.trade to its schedule of services. CaixaBank has now grown one of the first banks in Europe to give its consumers access to blockchain technology.
Started in 2017, We.trade is a finance platform powered by IBM’s blockchain technology. It was produced by a consortium of 15 financial institutions from throughout Europe, like UBS and Societe Generale, and it strives to supply businesses with a digital, trustless platform for checking financial data.
We.trade’s open API architecture lets it trace and track goods exported by any of the four hundred logistics companies throughout Europe who are also employing the platform.
We.trade utilizes blockchain to expedite the transaction process for suppliers and buyers on a single, shared platform. We.trade creates smart contracts that combine the trading operation with the financing or payment that limits any default risk for companies, which may develop business globalization.
While Caixa Bank joined the We.trade consortium in Oct. 2018, the main Spanish bank is presenting its 15.8 million consumers access to We.trade for purposes of making the world’s transactions more valid and secure.
In the company’s latest press release, CaixaBank emphasizes:
“Specifically, the solution provides real-time monitoring of transactions, which increases transparency throughout the process. Since it is a platform that 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.”
IBM also points out in a company blog post that the banks part of the We.trade network are operating to solve a specific problem, which is to grant small- and medium-sized businesses access to trade financing. This will let these companies grow their businesses, expanding into new markets, and forging new trading partnerships.
IBM remarks that We.trade compliant with the terms of each bank’s country, as well as the EU. We.trade also works within the context of complex global regulatory requirements, including the EU General Data Protection Regulation (GDPR), and the individual needs of each of the member banks.
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