BMO, IBM complete first transactions on Batavia blockchain platform

By zaymalz malz

Batavia, a blockchain-based global trade finance platform developed by a consortium including Bank of Montreal (BMO) and IBM, has reached a new milestone, having completed its first pilot transactions.

Batavia allows multiple parties to make smart payments – payments that are held and recorded on the blockchain ledger that help to develop and support the creation of an open ecosystem, providing more efficient and transparent transactions between parties.

See also:

According to BMO, these pilot transactions included the trading of cars between Germany and Spain, and raw textile materials that are used in furniture production between Austria and Spain.

“We are proud to have played a significant role in achieving this milestone – successfully enabling international trade using Blockchain,” said Jeffrey Shell, Managing Director and Head of Global Trade & Banking at BMO. “We are committed to continuing to develop innovative solutions that help our clients reach new markets; simply, safely and quickly.”

Alongside BMO and IBM, a number of leading global banks including United Bank of Switzerland (UBS), CaixaBank, Erste Group and Zommerzbank helped to develop Batavia.

Off the back of the success of these transactions, those involved will look to develop Batavia into a commercially ready financial solution which may see fintech companies or financial institutions joining forces with the platform.

Share

Featured Articles

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Q&A: China’s ecommerce innovator Jeff Li, CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

How hybrid work is revolutionising the physical office

As hybrid work models roll out worldwide, the purpose of the office is changing with collaboration, connection and networking taking centre stage

Trailblazer: Shanique Bonelli-Moore, DEI chief at Clorox

Sustainability

Dean Forbes – the Forterro CEO aiming for the moon

Leadership & Strategy

Why becoming a B Corp is good for business

Sustainability