Digital Trade Chain Consortium launches we.trade
17 October 2017
Since January 2017, Rabobank , six other banks (Deutsche Bank, HSBC, KBC, Natixis, Societé Generale and UniCredit) and IBM are developing the Digital Trade Chain platform. This ground-breaking shared platform aims at making domestic and cross-border commerce easier for European companies by harnessing the power of distributed ledger technology. Because of the expansion and the further internationalization of the platform, the consortium decided to rebrand the Digital Trade Chain platform in a more appealing, strong brand name we.trade.
Recently, Banco Santander has joined the consortium as a founding partner. The eight founding banks also intend to establish a Joint Venture company (JV) before end of 2017 that will own, manage and distribute the Digital Trade Chain platform. The intention is to incorporate the new legal entity in the Republic of Ireland.
The enlarged consortium will continue to develop we.trade as a platform that can seamlessly connect the parties involved in a trade transaction i.e. the buyer, buyer’s bank, seller, seller’s bank and transporter. The platform will be accessible from any connected device.
This new product will simplify trade finance processes for companies by addressing the challenge of managing, tracking and securing domestic and international trade transactions. Companies can easily and efficiently trade with more trust.
The commercialization of the platform is expected in Q2 2018. As from February 2018 test clients of the founding banks will already use the platform.