Societe Generale says momentum is building behind the digitisation of trade finance, and it’s taking the lead on the trend
Blockchain has enabled real progress and the willingness to embrace digitisation has grown in line with that, banker Societe Generale says.
A key historical obstacle to delivering digital straight-through processing has been the number of parties involved, but thanks to its distributed aspect, block chain brings security and trust between all parties involved at every stage of the process.
Societe Generale said the bank had decided to collaborate with our business partners from across Europe on a range of innovative, blockchain-powered solutions for trade finance.
“We are currently playing a central role in developing three tools, which will be delivered by the end of 2018, along with the development of a third,” the bank said in a statement.
“Our agile approach has shown that industry and technology are both ready to move on. 2018 will see things progress from the proof of concept stage to production-ready solutions. Collaboration, cooperation and experimentation (or learning by doing) are key to transforming the trade finance market structure.”
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A key historical obstacle to delivering digital straight-through processing has been the number of parties involved, but thanks to its distributed aspect, block chain brings security and trust between all parties involved at every stage of the process.
Societe Generale said the bank had decided to collaborate with our business partners from across Europe on a range of innovative, blockchain-powered solutions for trade finance.
“We are currently playing a central role in developing three tools, which will be delivered by the end of 2018, along with the development of a third,” the bank said in a statement.
- We.Trade, a distributed platform enabling secure account flows between European SMEs
- Newco, an energy post trade platform digitising the sales contract and physical flows processes
- Easy Trade Connect, an extension of our research on the digitisation of the energy trade finance value chain with the completion of a new prototype tool for soft commodities partnering with ING, ABN Amro and Louis Dreyfus Company.
“Our agile approach has shown that industry and technology are both ready to move on. 2018 will see things progress from the proof of concept stage to production-ready solutions. Collaboration, cooperation and experimentation (or learning by doing) are key to transforming the trade finance market structure.”
Related stories:
Bockchain app gets support
IBM announces blockchain solution
