Blockchain trade finance firm
we.trade recently told Ledger Insights that 55% of its transactions are automated payments. The firm is a
joint venture between 12 major banks, including HSBC, Deutsche Bank, Santander, and Société Générale. Although it had a soft launch in 2018, banks started to roll out the service to clients last May, with the most recent CaixaBank launching its offering this month.
Given the primary business model is to offer invoice financing and bank payment undertaking, one could interpret the popularity of auto settlement as unfavorable. But it may be a big win for suppliers, banks and we.trade.
The
trade finance platform tracks the supply chain process. So provided the goods are delivered, payment can be triggered automatically on the contractually agreed date.
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