CaixaBank enhances blockchain offering with

CaixaBank has enhanced its blockchain offering with the addition of the digital trade platform to its service catalogue for companies.

It means that it has become one of the first European banks to grant its customers access to blockchain technology, with the goal of helping them to internationalise their business.

The firm’s release outlined: “The platform offers speed, simplicity and security for all parties in foreign trade transactions.

“It has been developed by a consortium comprising 15 European financial institutions, and it allows importers and exporters -collectively from a single connection point- to conduct their trading operations in a digital format in a simple and user-friendly way.”

The platform becomes Europe’s first blockchain-technology-based foreign-trade platform, and its goal is to increase the security and traceability of national and international trading transactions.

Specifically, the solution provides real-time monitoring of transactions, which increases transparency throughout the process. Since it is a platform which can only be accessed by customers who are verified and authenticated by the member banks, the security and trust element of the transactions is very high.

The platform generates smart contracts that link the trading operation with the financing or payment, and with the fulfillment of the trading conditions. This prevents any default risk for companies, which can contribute to driving the internationalisation of many companies’ business.

Furthermore, 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.

The new operations, driven by the innovation teams at CaixaBank and CaixaBank Business, represent headway in applying advanced technologies to financial services.

CaixaBank was one of the first European banks to assess blockchain’s potential for financial services, and actively participates in various consortia, where innovation takes place with new solutions based on this technology. Digitalisation is key in the business model of CaixaBank, which has the largest base of digital customers in Spain (6.3 million).