Seven major banks on Oct. 18 announced a joint initiative to build a digital trade information network by the end of 2018.

Australia & New Zealand Banking Group Ltd., Banco Santander SA, BNP Paribas SA, Citigroup Inc., Deutsche Bank AG, HSBC Holdings PLC and Standard Chartered PLC signed a memorandum of understanding and agreed to work toward piloting the network.

The planned digital network will become the first inclusive global multi-bank, multi-corporate network in trade finance, according to a news release. The network will address the demand for financing earlier in the supply chain by allowing corporates to securely communicate trade communication with banks of their choice. By providing banks with access to trade information, the network will help mitigate the risk of double financing and fraudulent trade information in the industry.

CGI has been selected as the technology partner of the network.

In addition to the seven founding banks, more than 20 banks from around the world are participating in developing the network.