24 March 2017
Visit EBAday.com

BNP Paribas completes blockchain for transaction banking hackathon

02 February 2016  |  9233 views  |  1 BNP Paribas

BNP Paribas has confirmed its commitment to the distributed ledger movement in finance after completing its first 'Blockchain Bizhackathon' in the transaction banking arena.

Initiated by the bank's Corporate Trade and Treasury Solutions team, the aim was to assess real-world potential blockchain technology applications for use in both trade finance and cash management.

During two days, more than 70 participants - including internal teams, clients and startups - gathered to explore how the technology could "concretely improve both the customer experience and the efficiency of the services offered" across a range of use cases in cash management and correspondent banking, trade finance and documentation, supply chain management, commodity financing and account opening.

The bank says ideas that emerged will be put to further analysis over the course of the next year to assess their feasibility in a live business context.

Marc Carlos, head of Corporate Trade and Treasury Solutions, BNP Paribas, explains: “Our first ‘bizhackathon’ helped us to highlight the opportunities of the blockchain for our flow financing activities and our financial services to corporate treasurers, as well as its potential applications to improve our practices, review and optimise our processes, and reinforce the reliability, traceability and security of our transactions”.

The French bank, which has been exploring the potential of blockchain technology since 2011, recently took a stake in US startup Digital Asset Holdings and participates in bank-backed blockchain consortia R3 and the European CDC initiative.

Comments: (1)

Alexander Peschkoff
Alexander Peschkoff - TEDIPAY - London | 02 February, 2016, 12:15

http://www.finextra.com/blogs/fullblog.aspx?blogid=12163

"as well as its potential applications to improve our practices, review and optimise our processes, and reinforce the reliability, traceability and security of our transactions" - you don't need blockchain for that...

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

BNP Paribas explores the blockchain; SocGen advertises bitcoin-related job

BNP Paribas explores the blockchain; SocGen advertises bitcoin-related job

24 July 2015  |  11740 views  |  0 comments | 14 tweets | 16 linkedin
Blockchain could upend post-trade infrastructure - BNP Paribas analyst

Blockchain could upend post-trade infrastructure - BNP Paribas analyst

06 July 2015  |  9843 views  |  0 comments | 18 tweets | 15 linkedin
BNP Paribas: The five ways Bitcoin can shake up the financial services world

BNP Paribas: The five ways Bitcoin can shake up the financial services world

12 November 2014  |  33352 views  |  2 comments | 43 tweets | 29 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.comParticipate in the survey

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
44420 views comments | 15 tweets | 35 linkedin
hands typing furiouslyMachine Learning: Lessons for Banks From S...
10440 views 0 | 13 tweets | 12 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8213 views comments | 23 tweets | 37 linkedin
Westpac wants to take over your messaging keyboardWestpac wants to take over your messaging...
6807 views comments | 4 tweets | 10 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
6665 views comments | 36 tweets | 19 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job