China’s CITIC Bank, Bank of China, Minsheng Bank and Ping An Bank announced that in less than a year their blockchain forfaiting transaction (BCFT) platform processed 20 billion yuan ($2.82 billion) of trades.
CITIC initiated the project, and the four banks
launched the BCFT platform last year to streamline services to their customers. Since its launch, over 30 banking institutions have joined the platform.
The figures were released as part of an
announcement about the recent upgrades to the platform. The main changes relate to standardization between the banks. There is now a universal forfaiting business agreement which all the banks use. Plus they introduced a standard “Master Agreement” for forfaiting domestic Letters of Credit.
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