HSBC are the first to use European blockchain trade platform we.trade

As blockchain takes over finance, it seems HSBC are the first to use the EU blochain system we.trade. The we.trade project is reportedly backed by 12 shareholders, including Deutsche Bank, CaixaBank, Natixis, Nordea, Rabobank, Santander, SociÃ©tÃ© GÃ©nÃ©rale, and HSBC.

Based in Dublin we.trade organisded a Hyperledger Fabric-based tool for managing, tracking and securing open account trade transactions between businesses in Europe.

It is also said that companies can use we.trade to access a so-called bank payment undertaking (BPU) from their banks. HSBC refers to this instrument as “an online equivalent of a letter of credit (LC)”. Which involves the buyer’s bank providing the seller with an irrevocable undertaking to pay the invoice at maturity date.

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