CaixaBank Presents Blockchain Solutions to European Finance
CaixaBank is considered the leading bank in Spain, which recently developed new features approving access to blockchain technology by its customers. On the 3rd of January, the financial institution introduced, We.trade, in its services based on blockchain technology. We.trade falls under the management of IBM, introduced in the year 2017. A total of 15 consortium financial bodies from all over Europe fueled the creation of the ecosystem.
The We.trade Platform
The platform’s major function, based on its development and implementation by financial institutions in Europe, aims at inspecting information financial agencies. It tracks and traces all products shipped through the logistics firms in Europe with about 400 firms leveraging the platform. Moreover, the whole process is entirely possible as We.trade adopts a distinct API architecture. We.trade ecosystem utilizes blockchain technology by executing transactions initiated by buyers and suppliers all on a single, shared system. As We.trade seeks to lower the firms’ risks, it employs smart contract advancements to merge payment activities with trading endeavors.
Following this insight in October 2018, CaxiaBank was able to assimilate the grouped firms and join the We.trade consortium. As a result, it provided its customers with access to the platform services that favored tracing, tracking, and improved security in transactions.
CaixaBank Press Release
The bank’s recent press release elaborates on the claims that expound on solutions focused on examining real-time business transactions. Monitoring transaction activities help to maintain the utmost transparency levels.
Security is also considered as the most convenient merit since users with access to the platform itself are the customers selected, authenticated, and approved by the financial institutions as their members. From the press release, CaxiaBank bank claims that “the tool facilitates the transaction process for suppliers and buyers in a streamlined and collaborative way on a single shared platform, improving their cash management and planning.”
Also, based on IBM’s blog post, the primary function of the We.trade platform is centered at curbing the challenges presented in financing the trade activities based on granting finance to small business enterprises. The idea will significantly improve their business activities, as well as its transition to the new market.