European banks conducted international transactions in a joint blockchain platform

A group of European banks announced the completion of a series of cross-border financial transactions, via a jointly developed blockchain platform.

According to a statement made on Tuesday, transactions in real time was performed through the platform We.Trade the last five days between the 10 companies and was supported by four partner banks. HSBC, one of the nine agencies involved, claims that three of his client participated in the testing platform.

Platform We.Trade, built on the IBM Blockchain Platform — a cloud-based solution for developing blockchain applications has been created by the banks Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Société Générale and UniCredit to improve the efficiency of cross-border financial transactions.

As reported in April, testing We.Trade was planned to begin in may of this year. Commercial launch is expected this summer. At that time representatives of the Bank Société Générale reported that the main focus on commercial transactions for small and medium-sized businesses in Europe will allow the platform to scale quickly.

The Sanh parm (Parm Sangha), head of development of blockchain IBM in Europe, said:

«As soon as We.Trade has moved from pilot testing to implementation of international transactions in real time, it demonstrated the power of technology of the blockchain for the purposes of big business.»

Currently We.Trade operates in 11 European countries, and, according to Roberto Manzoni (Roberto Mancone), Executive Director of the platform for the next stage, the participants «will receive the agreement for joint operations from other banks and their customers in Europe and other countries.»

Large banks are increasingly turning to the technology of the blockchain to reduce operating costs and improve the efficiency of their work. Recently, representatives of Cordite, R3 is independent from community open source, creating decisions solely on the basis of Corda, said
on the issue of decisions on tokenization assets specifically for the banking industry.

In addition, in may this year it was reported that Commerzbank and German multinational conglomerate Thyssenkrupp has successfully completed the exchange transaction with blockchain platform.

In addition, the spring Bank Santander launched
international payment application for retail customers on the basis of xCurrent technology from Ripple. In February, the Ripple team announced that Itaú Unibanco, the largest Bank in Brazil and Latin America by market capitalization, will use the system xCurrent on the blockchain Ripple for processing international payments and remittances.

Blockchain is also being tested by companies for internal operations – in April, insurance giant Allianz has announced
about testing the internal token to transfer money between their branches, in order to avoid currency conversion and other operating expenses.

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