Jonny Fry Posted
Trade finance platforms to help European SMEs
HSBC is the first bank to complete a transaction using we.trade, based in Dublin, which is a Blockchain-powered platform backed by 12 shareholders, including CaixaBank, Deutsche Bank, Natixis, Nordea, Rabobank, Santander, Société Générale and HSBC. We.trade was set up in 2017 tomanage, track and securely facilitate transactions between SMEs in Europe. The platform intends to support three majorsteps in SME trading, including access to counterparties for transactions that we.trade describes as ‘bank payment undertaking’ (BPU) from its banks. HSBC calls the BPU“an on-line equivalent of a letter of credit (LC)”.
Other similar on-line platforms...
HSBC is the first bank to complete a transaction using we.trade, based in Dublin, which is a Blockchain-powered platform backed by 12 shareholders, including CaixaBank, Deutsche Bank, Natixis, Nordea, Rabobank, Santander, Société Générale and HSBC. We.trade was set up in 2017 tomanage, track and securely facilitate transactions between SMEs in Europe. The platform intends to support three majorsteps in SME trading, including access to counterparties for transactions that we.trade describes as ‘bank payment undertaking’ (BPU) from its banks. HSBC calls the BPU“an on-line equivalent of a letter of credit (LC)”.
Other similar on-line platforms...