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5 banks, IBM team up to create blockchain-based trade finance platform

CaixaBank SA, Commerzbank AG and Erste Group Bank AG joined an initiative by UBS Group AG and IBM Corp. to create a new blockchain-based global trade platform intended to support trade finance transactions.

Bank of Montreal also joined the initiative to create Batavia, which would help banks automate the trade finance process. The platform will enable transacting parties to track shipments from warehouse to destination, automatically releasing payments incrementally for a transaction along each step.

A pilot test of the transactions with customers is expected to be conducted in early 2018.