The we.trade 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 we.trade 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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.