Banking News

Nordea launches platform for SMEs trading in Europe

Nordea launches 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 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 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. is not only about providing trade finance, it is something much bigger than that. It is about enabling trade and with we are creating an ecosystem for the global trade, where trust is an integral part."

Comment on this article


Your comments will not be published. Required fields are marked *


Please enter the word you see in the image below:


Subscribe to our mailing list

Sign up now to keep up-to-date with the latest
market news and insights in B2B banking.

* indicates required

For more information please read our Terms and Conditions and Privacy Statements.