Seven European banks have signed a memorandum of understanding (MoU) to develop a blockchain-based shared platform to support domestic and cross-border trade for SMEs.

The banks- Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and UniCredit- will together develop a new solution called the Digital Trade Chain (DTC) that will leverage. The proof of concept for the solution has already been developed by KBC.

The platform will connect buyer, buyer’s bank, seller, seller’s bank and transporter online and via mobile devices.

It will secure records on blockchain to accelerate the order-to-settlement process, while its end-to-end transparency is expected to increase SMEs’ confidence to onboard new partners.

The group said that this will “simplify trade finance processes for SMEs by addressing the challenge of managing, tracking and securing domestic and international trade transactions.”

Initial focus will be on the markets of Belgium, Luxembourg, France, Germany, Italy, the Netherlands, and the UK.

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