Today we.trade announced that Akbank, a top ten Turkish bank, has joined the blockchain trade finance platform. We.trade was initially founded as a consortium of 12 European banks which later incorporated in Ireland. Apart from affiliates of its shareholders, until now, Eurobank was the only non-shareholder licensee.
The platform uses blockchain to enable banks to offer open account financing, including invoicing financing and bank payment undertaking. With integrated tracking of deliveries, the solution also enables automated payments which are popular with corporates because it reduces late payments.
“Both in the world and Turkey, most of the trade volume is based on open account terms. Therefore, it is very important to bring innovative digital banking solutions, that provide security and speed in international trade, to our customers,” said Mehmet Tugal, EVP of Akbank Commercial Banking.
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