A Commerzbank logo is pictured before the bank's annual news conference in Frankfurt, Germany, February 9, 2017. REUTERS/Ralph Orlowski
NEW YORK (Reuters) – Commerzbank AG (CBKG.DE), Bank of Montreal (BMO.TO), Erste Group Bank AG (ERST.VI) and CaixaBank SA (CABK.MC) have joined an initiative launched by UBS Group AG (UBSG.S) and IBM Corp (IBM.N) aimed at building blockchain-based technology to support trade finance transactions.
The platform called Batavia would help banks and their clients automate the trade finance process, which remains highly manual and paper-based, the participating companies said on Wednesday.
In trade finance, banks provide funding and other services to importers and exporters to facilitate commerce.
Source/More: Commerzbank, other banks join UBS and IBM trade finance blockchain
