European bank and IBM launched trades platform on Blockchain

The platform is already available for all corporate clients of the bank

European bank and IBM launched trades platform on Blockchain. Source: shutterstock.com

One of the leading banking conglomerates in Europe, Societe Generale, announced that we.trade, the first blockchain-based trade finance platform, is now available to all clients in France.

Societe Generale and 12 other European banks began working together in 2017 on a project aiming to make domestic and international trades easier. Previously named Digital Trade Chain, this project led to the creation of the joint-venture company we.trade in February 2018.

In association with IBM, a blockchain-based platform was created to offer clients time and money savings as compared to the previously available solutions based on paper documents exchanges.

Today, Societe Generale announces that all corporate clients based in France have now access to we.trade, the most advanced platform for digitalizing, securing and financing corporate trades.

We are delighted to make the we.trade platform available to all corporate clients in France. This is a first in the French market and an important milestone in its deployment in Europe, where other consortium banks also offer we.trade to their clients. This initiative combines our belief for innovation and our daily commitment to our corporate clients
Marie-Laure Gastellu, Deputy Head of Trade Services at Societe Generale

By connecting to we.trade, clients of the consortium of banks, both buyers and sellers, agree on the terms of a transaction. Upon agreement by both parties, the transaction is undertaken with every event being tracked on the blockchain. When all conditions are met, the buyer’s bank automatically triggers the associated payment.

SEE ALSO: Stages of the blockchain revolution

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