• Days
  • Hours
  • Mins
  • Secs
  • Sun, 20 Oct 2019, 04:26 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Banking giant UBS officially implements we.trade blockchain

twicepix [CC BY-SA 2.0 (https://creativecommons.org/licenses/by-sa/2.0)]

Thu, 10 Oct 2019, 04:09 am UTC

Switzerland’s banking giant UBS has started executing transactions on we.trade blockchain platform for trade finance, which will soon be adopted by other member banks.

The Swiss bank revealed it went live on we.trade at the start of October, providing services to small and mid-sized enterprises (SMEs).

Speaking to CoinDesk, a company representative said UBS is reaching out to customers “on a one-to-one basis” as it aims to create awareness of its blockchain-based platform and to educate them on how it works.

We.trade intends to develop a trusted network among SME clients of European banks. Some of the services the platform offers include bank payment guarantees and invoice financing.

The spokesperson said the platform is ready and is awaiting commercial adoption, with plans to lure more banks and onboard more SMEs.

Trading fees on the platform can range between $2,000 a month (early users) and a $175,000 full annual membership license. Trialing a project can also cost up to $75,000 per year. We.trade is built by IBM on the open-source Hyperledger Fabric blockchain system, although it plans to bring in-house tech soon.

Deutsche Bank, HSBC, KBC Bank, Nordea, Rabobank, Santander, Société Générale, and UniCredit have already implemented we.trade for trade contract settlement. On the other hand, Erste Group of Austria and Spain’s CaixaBank have started offering live transactions at the start of this month.

Meanwhile, Greece’s Eurobank and Czech Republic’s three main banks – CSOB, Komercni, and Česká Spořitelna – are expected to join early 2020.

We.trade needs more SMEs using the platform. To have more SMEs, it also needs more banks to join, not as equity investors, but really users of we.trade. The SMEs we are dealing with are telling us how happy they are to have such an offer and they are also asking us as much as possible to try to convince other banks to join,” Marie-Laure Gastellu, Société Générale’s deputy head of trade finance, said.

Meanwhile, just last month, the Bank of America, the world’s eighth-largest bank by total assets, has joined blockchain-based trade finance network Marco Polo, joining other network members like BNP Paribas, Commerzbank, Standard Chartered Bank, among others.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,970.58 (-0.11%)
  • Ethereum (ETH) $171.44 (-1.50%)
  • XRP (XRP) $0.287600 (-1.94%)
  • Bitcoin Cash (BCH) $213.01 (-0.69%)
  • Litecoin (LTC) $53.56 (+0.27%)
  • Bitcoin (BTC) $7,970.58 (-0.11%)
Oct 18, 2019 (Friday)
12:51
Telegram’s claim “Grams will not be security once TON Blockchain launches” is insufficient, argues SEC
11:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:51
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:23
US Senator comes out in support of Facebook’s crypto, finds hostility towards Libra “puzzling”
10:38
Crypto Technicals: BCH/USD tests trendline support (209), dip till 78.6% Fib (168.35) likely
10:13
IBM, Raw Seafoods partner to digitize scallops supply chain using blockchain
08:48
India’s Reliance Industries reveals blockchain plans for Bill of Lading and Letter of Credit transactions
07:48
Crypto Technicals: Ripple (XRP) erases most of previous session's gains, retrace below cloud dents further upside
07:22
Crypto exchange Upbit operator Dunamu to launch OTC trading platform for unlisted securities
06:52
Crypto Technicals: ETH/USD fails to extend recovery, resumes weakness, 167.50 (Oct 6 low) in sight
06:22
Stablecoin initiatives highlight shortcomings in cross-border payments: G7 Working Group
06:11
Crypto Technicals: LTC/USD extends choppy trade below 21-EMA, bias bearish
05:02
Crypto Technicals: BTC/USD confined to narrow range, bias bearish below 5-DMA (8132)
04:48
Telegram calls SEC’s emergency injunction “unreasonable”, argues gram tokens are not securities
Oct 17, 2019 (Thursday)
13:38
Bermuda to develop blockchain-based national ID system with Shyft and Perseid Network
12:52
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:48
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:59
Samsung SDS partners with Tech Mahindra and Pega to launch blockchain-based traceability solution
11:13
Telegram proposes to postpone TON blockchain project launch to April 2020, seeks investors’ consent
10:41
Crypto Technicals: TRON (TRX) resumes weakness, break below 20-DMA could see fresh multi-month lows
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft