The Swiss wealth manager quietly began transacting on a blockchain-based trade finance platform.
UBS went «live» on We.trade, a trade finance platform organized by a consortium of banks on the blockchain, according to trade publication «Coindesk» on Thursday. The Swiss bank joins Société Générale, HSBC, Santander, UniCredit, Nordea, KBC, Rabobank, and Deutsche Bank, who are already active on We.trade.
The platform targets small- and mid-sized corporate clients in Europe with bank payment guarantees and invoice financing. It is a bid to negotiate global contracts without the usual load of paperwork.
UBS and the other banks also aim for cost.savings: We.trade promises an up to 90 percent cheaper process thanks to distributed ledger technology. UBS is slightly behind schedule with the go-live – it had originally flagged first transactions for early this year, as finews.com reported.
