ING and R3 make trade finance easier
27 September 2017
ING has teamed up with R3, trade finance platform TradeIX, and 12 other banks to make trade finance safer, simpler, and more flexible.
Powered by Corda, a distributed ledger platform, the initiative allows institutions to automate financing for traders before and after shipment. Current manual processes, such as checking documents, will be replaced by smart contracts. This will allow all trade participants to look at the same information simultaneously instead of collecting information about purchase orders, invoices, shipping and logistics, trade assets, and financing activities from different systems.
“ING, R3 and other members have come together to launch this initiative for open account trade finance, which enables flexible and efficient working capital finance solutions for clients. As a member of R3, it is very rewarding to be part of this ground-breaking initiative,” said Ivar Wiersma, head of Innovation Wholesale Banking at ING.
Want to know more? Check out the press release.