Nordea launches blockchain-based trading platform for SMEs

Friday 10 May 2019 11:42 CET | News

Nordic financial services group Nordea Bank is making the blockchain-based trading platform available to all its small and middle-sized business (SME) customers.

The platform was developed by Nordea, along with 12 banks including Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale, Banco Santander and UniCredit, using the IBM Blockchain platform to exploit a licensed blockchain for transactions in supply chain trade financing. The platform allows companies to identify trusted counterparties for establishing new commercial relations – providing full visibility on transaction and shipment status, digitalizing the whole process from order creation to payment execution.

Following a soft launch last month, Nordea said that the platform will now be available to all Nordea SME customers, with trading controlled through a set of rules designed to bring security to the process. Trading parties are offered to choose what events will trigger payments, while contracts can be drawn up in multiple languages.

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Keywords: Nordea, blockchain, trading, SMEs, financing ,, payments
Countries: World