Spain-based CaixaBank has announced the addition of the digital trade platform we.trade to its service catalogue for companies.
According to IBS Intelligence, the addition is expected to assist customers in expanding their business through blockchain technology. CaixaBank officials have stated that the platform aims to provide security in foreign trade transactions and has been developed by a consortium of 15 European financial institutions. The platform allows importers and exported to conduct their trading operations in a digital format.
we.trade is a blockchain-based foreign technology platform that aims to increase the security and traceability of trading transactions. It provides real-time monitoring of transactions, which increases transparency throughout the process. It also generates smart contracts that link the trading operation with the financing or payment, thus preventing any default risk for companies. CaixaBank has also stated that the tool is expected to facilitate the transaction process for suppliers and buyers in a streamlined way and aims to improve their cash management and planning.
Recently, CaixaBank and Customer Relationship Management (CRM) solutions provider, Salesforce entered into a partnership in a bid to further the development of technological innovation for financial services. Based in Spain, CaixaBank, formerly Criteria CaixaCorp, is a Spanish financial services company and the third-largest lender in Spain, owned by CriteriaCaixa with a 40% stake.
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