R3, TradeIX and 12 banks plan overhaul of open-account trade finance

Blockchain consortium R3 is collaborating with 12 banks and technology vendor TradeIX on an open-account trade finance project for corporate buyers and sellers around the world.

R3, TradeIX and the participating banks – Bangkok Bank, Barclays, BBVA, Bladex, BNP Paribas, Commerzbank, CTBC Bank, ING, Intesa Sanpaolo, Shinhan Bank, Royal Bank of Scotland and Wells Fargo – are developing an end-to-end open account trade finance business network which will be powered by TradeIX and R3’s Corda distributed ledger platform.

Source: Finextra

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