View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
October 17, 2017

Big banks target SMEs with new blockchain platform

At full strength, HSBC, Deutsche Bank, Societe Generale, KBC, Unicredit, Rabobank, Natixis and Banco Santander form the consortium.

By Tom Ball

A team of leading European banks has joined forces to form an organisation to oversee the release of a new blockchain platform for international trade.

The platform is called Digital Trade Chain, and the consortium is targeting European SMEs for the enhancement of cross-border trade and transparency.

Eight banks are involved in the process; they include HSBC, Deutsche Bank, Societe Generale, KBC, Unicredit, Rabobank, Natixis. Banco Santander has also recently entered the consortium, raising the strength of the unit to eight.

Big banks target SMEs with new blockchain platformWith the arrival of Banco Santander, the new group will be called we.trade. Together the newly formed team is targeting Q2 2018 as the period for the full launch of the platform, with testing set to be carried out early next year.

A flurry of blockchain platform plans and projects aiming to disrupt cross-border trade have emerged recently, causing competition in the crowded space.

JPMorgan recently announced the launch of a new payment processing network that harnesses blockchain technology, and like the platform set to be released by the we.trade consortium, it too is intended to revolutionise cross-border transactions. JPMorgan has plans via the new platform to make once complex, time restrained, international transactions happen in real time.

IBM is also a hardened competitor familiar with the blockchain arena, and it also recently announced the launch of a blockchain project that is intended to make international payment processes more efficient through the application of cryptocurrency.

Content from our partners
Green for go: Transforming trade in the UK
Manufacturers are switching to personalised customer experience amid fierce competition
How many ends in end-to-end service orchestration?
– Kubernetes reigns supreme as rival Docker jumps on board
– UK to retain fintech crown…for now
– Hackers exploit security KRACK in wifi – and no device is safe

HSBC has proven itself an extremely forward thinking bank in regard to blockchain, having been involved in a number of projects focussed on furthering the development of the technology.

One such example is a group of banks working to use digital currency to disrupt the process of transactions and clear, this work has involved the likes of Credit Suisse and Barclays were among other banks alongside HSBC in this consortium.

Topics in this article : , , ,
Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU