Bank of America Develops Blockchain Trade Finance Test
The Bank of America is developing a trail based on the blockchain for trade finance transactions in an attempt to tap into the applications of blockchain or distributed ledger technology for real world applications. Bank of America has revealed the development of a blockchain-based trial for trade finance, as a part of the financial institution’s foray into pushing for the adoption of the underlying technology that powers Bitcoin. The application of blockchain technology to trade finance is seen to be as a significant leap for an industry that still relies predominantly on manual,....
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Bank of America has revealed it is developing a blockchain-based trial centered on trade finance. The move is the latest that finds the multinational banking institution seeking to position itself as an early adopter of the technology. In late December, Bank of America revealed it had filed a rush of new patents related to the industry, a development that followed the November news it had partnered with consortium startup R3. Financial News reports that Bank of America believes blockchain could come to replace the more manual processes that dominate global trade. Jason Tiede, head of....
Bank of America and Microsoft have announced their intent to build and test blockchain applications for trade finance. As part of the deal, Bank of America will work directly with Microsoft Treasury (a group responsible for managing transactions related to its corporate treasury activity and strategic business investments and acquisitions), to establish a blockchain system that can facilitate transactions between the companies. In statements, Microsoft executive vice president and CFO Amy Hood indicated that the move is driven also by its desire to reduce treasury risk. Hood said:....
Technology giant Microsoft and financial institution Bank of America Merill Lynch have announced a collaboration with the aim to “fuel transformation of trade finance transacting”, with blockchain technology. In an announcement at the annual SWIFT-organized Sibos conference, Microsoft and Bank of America Merrill Lynch underlined their collaborative aim to usher in blockchain technology to transform the trade finance sector. The collaboration is only the latest in an increasing number of endeavors between the financial and technology industries to explore and develop blockchain solutions.....
The research arm of the Reserve Bank of India (RBI), India’s central bank, has completed an end-to-end blockchain technology test involving regulators, banks, financial institutions and clearinghouses, the Economic Times reports. RBI’s Institute for Development and Research in Banking Technology (IDRBT) developed and tested a proof of concept (PoC) for a blockchain-based trade finance application, with the active participation of National Payments Corporation of India (NPCI), banks and solution providers. The IDRBT, which wants to be “the premier and preferred Research and Development....
Banking consortium R3CEV revealed today that 15 of its members have completed a distributed ledger trial focused on applications in trade finance. The test reportedly focused on how its distributed ledger platform Corda could be used in accounts receivable invoicing and letter-of-credit (LC) transactions. Further, it follows news that Bank of America, HSBC and the Infocomm Development Authority of Singapore completed a similar trial today using software created by the Linux-led Hyperledger project. In statements, CEO David Rutter cited the announcement as evidence of the power of the....