R3 and TradeIX are developing an end-to-end open account trade finance business network, with the collaboration of twelve high-profile financial institutions: Bangkok Bank, Barclays, BBVA, Bladex, BNP Paribas, Commerzbank, CTBC Bank, ING, Intesa Sanpaolo, Shinhan Bank, Royal Bank of Scotland and Wells Fargo.

“This project represents a big step for the trade finance industry,” David Sutter, the head of platform strategy at TradeIX, said. “Cutting-edge technology coupled with a strong spirit of collaboration amongst many of the world’s leading trade banks, corporates and technology providers is helping to make trade finance simpler, less risky and more inclusive as well as connecting the ecosystem of banks, buyers, suppliers, technology providers, insurers and others critical to facilitating global open-account trade flows.” Read more here: The Distributed Ledger, by Giulio Prisco.