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New banks join the Blockchain trade finance platform with UBS support

Four large banks joined the trade finance initiative, launched late last year by Switzerland-based UBS and technology giant IBM.

04.Oct.17 3:50 AM
By Daria Zaytseva


New banks join the Blockchain trade finance platform with UBS support

Bank of Montreal (BMO), CaixaBank, Commerzbank and Erste Group are currently participating in a project that is built on top of the open-source Hyperledger Fabric platform. The platform, called Batavia, was first introduced in October at the Sibos banking conference in Geneva.

The idea of ​​the project is to create a system through which international trade transactions can be carried out from start to finish. Instead of paper-based letters of credit, trade finance transactions would be executed through intellectual contracts - spontaneous code fragments that are triggered when certain conditions are met.

Speaking last year to CoinDesk, Beat Bannwart, UBS's head of product and market development for transaction banking, said that the primary intent was to link the parties involved over the course of a trade transaction more seamlessly.

Those who are behind the Batavia project are trying to start a test phase with the participation of customers early next year. Although it is not clear yet who those customers can be, IBM has previously worked with the Dubaiís government and banks such as Santander and Emirates NBD on research in this area.

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