On January 3, CaixaBank, based in Spain, added to its list of services the blockchain-powered financial network We.trade. CaixaBank has now become one of Europe’s first banks to provide access to blockchain technology to its customers.
We.trade, which was introduced in 2017, is a financial network operated by blockchain technology from IBM. It was founded by a group of 15 financial institutions from all over Europe. Such as UBS and Societe Generale, and works to provide an interactive, trustless platform for verifying financial information to companies.
The open API architecture of We.trade allows it to track. Also, trace products delivered across Europe by any of the 400 logistics companies that also use the platform. Is also uses blockchain to facilitate the process of a transaction on a single, open network for suppliers and buyers.
We.trade creates smart contracts
It creates smart contracts that connect the trading process to the funding or payment. That avoids any default risk for businesses that may increase the globalization of businesses. Since CaixaBank joined the We.trade alliance in October 2018. The leading Spanish bank is offering We.trade access to its 15.8 million customers in order to make transactions worldwide more traceable and safe.
CaixaBank explains in the latest press release of the company. Specifically, the solution provides real-time transaction monitoring, which increases the process-wide transparency. Since it is a platform that only customers who are verified and authenticated by the member banks can access, the transactions ‘ security. And the trust element is very high.
IBM also points out in a company blog post that the banks that are part of the We.trade network are working to solve a specific problem of providing access to trade finance for small and medium-sized enterprises. This will allow these businesses to grow, expand into new markets and forge new business partnerships.
IBM states that both We.trade and the European Union comply with the requirements of the country of each bank. We.trade also works within the context of diverse global regulatory requirements including the EU General Data Protection Regulation (GDPR). The individual requirements of each member bank.
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