CBAs ASB Bank to support trade finance via blockchain offering

Wednesday 28 August 2019 14:48 CET | News

New Zealand-based ASB Bank, currently owned by Commonwealth Bank of Australia, has launched a blockchain single trade window to improve trade processes.

With the launch of this trade window, ASB is now able to improve the trade process for its customers via block chain technology. The trade finance blockchain technology window launched by ASB will not only help it in reducing the time New Zealand exporters need to spend on documentation throughout the trade process, it will also help in reducing the risks of fraud and cyber security threats, company representatives have stated.

Blockchain-enabled supply chain allows partners to access key documents, such as a bill of lading, certificates of origin and other important documents and bills which are submitted to customs, facilitating a faster and more trusted relationship between the exporter and their customer and improving the economics of the overall deal or transaction.

At the documentation level, the blockchain enabled supply chain is allowing partners to access key documents, creating the potential for multi-beneficial productivity gains to the supply-chain and improving the overall efficiency.

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Keywords: Commonwealth Bank of Australia, ASB Bank, blockchain, DLT, single trade window, trade finance, New Zealand, Australia, banking, B2B payments
Countries: World