We.trade
we.trade Innovation DAC is a joint-venture company owned by 12 European banks that has been in live production since January 2019. It started with nine banks in January 2017 under the name of Digital Trade Chain and later officially changed to we.trade in October 2017. In March 2019, we.trade and Hong Kong, China-basedeTrade Connect completed a successful proof of concept (PoC) to connect platforms.
Together with IBM, we.trade has developed a digital trade platform based on Linux Foundation’s Hyperledger Fabric to run on the IBM Blockchain Platform. The platform addresses the challenges of open account and documentary trading, providing a digital trade platform that delivers certainty, simplicity and security for all parties in the trade value chain. we.trade is the fi rst blockchain-based trade platform for banks and their commercial clients in Europe and originally aimed to service the micro-, small and medium-sized enterprise (MSME) market.
We.trade’s current product line consists of auto settlement, bank payment undertaking (BPU), BPU fi nancing,and invoice financing. Future product deployments are expected to include enterprise resource planning (ERP) connectivity, API readiness, additional payment triggers, and the addition of logistics, insurance and customs functionality.
Licensee banks include: CaixaBank, Deutsche Bank, ERSTE Group, HSBC, KBC, Natixis, Rabobank, Société Générale, UniCredit, Nordea, Santander and UBS are the participating banks of we.trade while UniCredit AG in Germany, CSOB, and Eurobank.