Both small and middle-sized business customers can use a blockchain platform called We.trade. Order and contract processes between buyers and sellers are simplified through the platform. European companies can trade with each other through a secure venue provided by the platform.
A set of rules is implemented for controlling trading. Security is added.
The Global Head of Trade Finance & Working Capital Management at Nordea Patrik Zekkar said, “Almost 60 percent of the SME’s said that they have to make advance payments so there is obviously a sense of insecurity surrounding cross-border trade. This is unfortunate, not only from a liquidity standpoint, it may also lead to companies refraining from trading and not growing. We want to change how our customers do business with each other and are now building an ecosystem for it.”
We.trade is built on an IBM Blockchain platform. Nordea is a financial services company who has joined hands with twelve banks for the development of We.trade.
Nordea takes a new role in interacting with customers. This interaction is carried out as early as from an order, rather than the time of payment. The customers are supported throughout the complete process, Nordea reported.
The financial services company Nordea is a full-service universal bank. It is recognized as the Nordic region’s largest financial services group. It is also recognized as one of Europe’s biggest banks. The aim of Nordea is to make a real difference for customers. Its aim isn’t only for making the real difference for the customers, but also for making the real difference for those communities in which they run, according to the official LinkedIn account of Nordea.
We.trade is recognized as a digital one-stop shop. A blockchain framework implementation called Hyperledger Fabric is used for the development of the platform on the IBM Blockchain Platform. An innovative Smart Contract is also used. Potential new trading opportunities are opened. Banks customers are provided with a simple user interface. The complete customer experience related to cross-border trading can be improved through we.trade, according to the official site of We.trade.
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