Nordea launches blockchain-based trading platform for SMEs

Nordea launches blockchain-based trading platform for SMEs

Nordea has launched a blockchain-based platform designed to make it easier for SMEs to trade with other companies in Europe.

The we.trade platform is available to all Nordea SME customers, with trading controlled through a set of rules designed to bring security to the process. Trading parties are offered to choose for example what events will trigger payments, while contracts can be drawn up in multiple languages.

The new offering is built on the we.trade platform developed by a group of 12 banks using IBM blockchain technology. Nordea says that by building an ecosystem for the buyer and seller, it takes on a new role and interacts with customers as early as from the order, not just at the time of payment.

Magnus Montan, head, business banking, Nordea, says: "We see more and more small and medium sized companies getting involved in cross border trading. There are some common challenges that they face.

"The biggest one is related to trust in their overseas trading partners. we.trade is not only about providing trade finance, it is something much bigger than that. It is about enabling trade and with we.trade we are creating an ecosystem for the global trade, where trust is an integral part."

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