29 April 2017
Visit EBAday.com

BNP Paribas applies blockchain technology to corporate payments

21 December 2016  |  20343 views  |  0 BNP Paribas

BNP Paribas has completed its first live cross-border B2B payments between corporate clients using blockchain technology.

The transactions, conducted on behalf of packaging outfit Amcor and trading cards group Panini, were cleared in various currencies between BNP Paribas bank accounts located in Germany, the Netherlands and the United Kingdom.

The French bank announced in September that it had entered 'co-development mode' with clients to pilot a number of blockchain applications for transaction banking, after embarking on a collaborative process during its ‘Blockchain Bizhackathon’ earlier this year.

For the 'cash-without borders' project, the payments were fully processed and cleared in a few minutes, says the bank, highlighting the potential of the technology to eliminate delays, unexpected fees and processing errors, and pave the way for real time cash management.

Jacques Levet, head of transaction banking Emea at BNP Paribas CIB, comments: "This proof-of-concept demonstrates that blockchain technology offers real opportunities to considerably improve our offer for corporate treasury managers. On the payments front, this confirms our strong commitment to follow closely and further accelerate our participation in a number of market initiatives aiming at improving the corporate payments experience using blockchain technology.”

Comments: (0)

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 to develop prototypes with nine hackathon finalists

BNP Paribas to develop prototypes with nine hackathon finalists

09 December 2016  |  10027 views  |  0 comments | 12 tweets | 16 linkedin
BNP Paribas is working with clients on blockchain deployment

BNP Paribas is working with clients on blockchain deployment

26 September 2016  |  17057 views  |  0 comments | 19 tweets | 40 linkedin
BNP Paribas extends crowdfunding blockchain programme

BNP Paribas extends crowdfunding blockchain programme

19 September 2016  |  10358 views  |  0 comments | 15 tweets | 15 linkedin
French firms to build post-trade blockchain infrastructure for SMEs

French firms to build post-trade blockchain infrastructure for SMEs

21 June 2016  |  6959 views  |  0 comments | 12 tweets | 11 linkedin
Bank of Ireland and BNP Paribas announce blockchain breakthroughs

Bank of Ireland and BNP Paribas announce blockchain breakthroughs

05 April 2016  |  21343 views  |  0 comments | 41 tweets | 53 linkedin
BNP Paribas completes blockchain for transaction banking hackathon

BNP Paribas completes blockchain for transaction banking hackathon

02 February 2016  |  9368 views  |  1 comments | 15 tweets | 20 linkedin
BNP Paribas explores the blockchain; SocGen advertises bitcoin-related job

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

24 July 2015  |  11831 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  |  9922 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  |  33431 views  |  2 comments | 43 tweets | 29 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit dh.comvisit vasco.com/news/PSD2-compliant-solutions

Top topics

Most viewed Most shared
Six global banks join Swift DLT trialsSix global banks join Swift DLT trials
7835 views comments | 16 tweets | 36 linkedin
BBVA steps up fintech acquisition strategy with purchase of OpenpayBBVA steps up fintech acquisition strategy...
7041 views comments | 17 tweets | 16 linkedin
Should central banks open up payment and settlement systems to non-banks?Should central banks open up payment and s...
6155 views comments | 22 tweets | 21 linkedin
JPMorgan formally quits R3JPMorgan formally quits R3
6071 views comments | 23 tweets | 14 linkedin
Token raises $15.7 million as PSD2 approachesToken raises $15.7 million as PSD2 approac...
5970 views comments | 20 tweets | 20 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job