Nordea launches we.trade platform for SMEs trading in Europe
(10 May 2019 – Europe) Nordic financial services firm Nordea has launched a blockchain-based platform designed to support SMEs in their trade with other European companies.
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. SMEs for example are able to choose what events trigger payments and 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, the bank 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."