HSBC and a group of European banks have announced that they have completed the first live test of the “we.trade” platform they jointly developed for blockchain-based cross-border transactions. The banks, which aimed to test blockchain technology through this platform, performed the first live cross-border transaction through the “we.trade” platform.
HSBC opened three customers accounts on the platform
It was reported that operations were performed within ten days of the platform launch. Transactions were made between 10 different companies through 4 different banks using Blockchain technology. HSBC, one of the banks responsible for the development of “we.trade,” said last week that three customers completed their open account transactions.
As we.trade switched from pilot applications to live cross-border transactions, it demonstrated the power of blockchain technology within a company framework
Parm Sangha, IBM’s Blockchain leader in Europe
“We.trade” platform is currently available in 11 European countries
“We.trade” was built on IBM’s blockchain platform with the help of Hyperledger Fabric technology. Additionally, the “we.trade” platform based on IBM’s blockchain platform was developed by Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale, and UniCredit. On the other hand, according to Roberto Mancone, the COO of the “we.trade” platform, the next step will be to get support from more banks.
Societe Generale said the reason why the rapid development of the “we.trade” platform is because it focuses on transactions between SMEs in Europe. All the banks involved in the project are hoping to use the platform to perform faster and more efficient cross-border transactions.
“We.trade” is currently available in 11 European countries, including Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Spain, Sweden, and England. Hopefully, more countries will join this platform which is meant to ease up cross-border transactions procedures, as it is expected to expand into Europe and then globally, as other bank partners will soon join the action.
On the other hand, the “we.trade” platform comes as a competitor to the traditional SWIFT system, but also to the Ripple’s platforms.