The participating banks are HSBC, UK-based, Rabobank, a Dutch institution, French financial institutions Société Générale and Natixis, UniCredit, an Italian banking group, and KBC, Belgium-based.
The ‘Digital Trade Chain’ (DTC) is based on a prototype solution developed by KBC, and looks toward the efficient management and securement of domestic and international trade transactions in Europe among small and medium enterprises (SMEs).
The distributed ledger will record, track and secure transactions by connecting all participants – the buyer and seller, their individual banks and the logistics transporter, among others – digitally via an online interface and mobile applications.
The DTC will help enable end-to-end transparency, the banking group claims while significantly reducing administrative duties including paperwork while hastening the order-to-settlement process. The new consortium also believes that SMEs will benefit from trade with new partners over a seamless, transparent and secure platform, contributing to a better trade ecosystem regionally and beyond borders in Europe.
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