NBG & TBC Bank join forces with Nordea on the we.trade platform
DUBLIN, 27 OCTOBER 2021 |
we.trade, in collaboration with the European Bank for Reconstruction and Development
(EBRD), has launched we.trade’s new ‘Preview Offering Program’ for EBRD partners National Bank of Greece
(NBG) and TBC Bank, Georgia
The tailored program facilitated NBG and TBC Bank in completing test transactions with Nordea, one of we.trade’s existing member banks. In these test transactions, smart digital contracts were completed in minutes on the platform using we.trade’s Bank Payment Undertaking (BPU
) product, a digital payment obligation transferred to the buyer's bank, and BPU Financing
, an additional working capital finance solution without the need to avail of traditional credit lines! Access to trade finance has never been more important to SMEs in today’s climate in the context of supporting and fostering the recovery of economic growth and digital adoption.
“The preview possibility of the we.trade platform is an important enabler for banks and other parties to test, study and analyse we.trade’s value proposition as well as how to apply the new network possibilities to their unique market needs and requirements. We are very happy with the collaboration with National Bank of Greece and TBC Bank, facilitated by the EBRD, to leverage the possibilities with these important trade corridors in a new dimension.”, says Lena Hedengran, Acting Head, Trade Solutions at Nordea.
Francis Malige, EBRD Managing Director, Financial Institutions said:
“We are pleased to support the Preview Offering Program on we.trade for National Bank of Greece and TBC Bank and to facilitate their test transactions with Nordea. The EBRD is committed to supporting the digital transition in the regions where it invests. As the first multilateral development bank to set up support for trade finance in 1999, we are pleased to be at the forefront of innovation once again.”
The we.trade ‘Preview Offering Program’ facilitates banks and their clients, anywhere in the world, to participate in test transactions with existing we.trade member banks. Furthermore, the program can be customized to suit banks at different levels in their trade digitisation journey with the program running anywhere from 6-12 weeks. For banks that would like more information about we.trade’s Preview Offering Program, refer to we.trade’s contact details below.
NBG and TBC Bank, supported by we.trade’s collaboration with EBRD, has completed test transactions on the we.trade platform and are currently receiving extensive consultancy services across their business banking operations, IT, Commercial, Sales & Marketing, Legal and Compliance areas to support new domestic and international digital trade opportunities.
“NBG is delighted to collaborate with EBRD, Nordea and TBC Bank in the execution of test transactions on we.trade platform. We actively support Greek businesses’ efforts to enter foreign markets, assisting them to maintain an effective flow of supply and financial chain. NBG has prioritized digitalisation in trade finance as one of the most critical targets within the bank’s transformation programme, aiming at offering innovative value added solutions to the Greek market.”, says Mr. Aris Divaris, AGM Operations , National Bank of Greece S.A.
“We at TBC Bank are dedicated to technological advancement and are proud to be part of this blockchain platform. We are thankful to the EBRD for this opportunity. TBC Bank works with the biggest players on the market and we are committed to progressing technologically – this once again affirms our position as a leader in the Georgian market”, said Tamara Khizanishvili, Head, Trade Finance, TBC Bank
For further information
Marketing Department, Alan Fitzsimons, we.trade Tel: +353 87 6666800 or [email protected]
Press Office, EBRD Tel: +44 207 338 7805 or email [email protected]
Press Office, NBG GTS Trade Finance Business Development Sector Email: [email protected]
Press Office, TBC Bank: Tel: +995599979728 or email [email protected]
we.trade Innovation DAC (we.trade) is a joint-venture company owned by 12 banks, technology provider IBM and CRIF, a global commercial credit and business information provider. The company was started with nine banks in January 2017 under the project name, Digital Trade Chain, and was officially renamed as we.trade in October 2017. we.trade has developed a digital trade platform based on the Linux Foundation’s Hyperledger Fabric and runs on the IBM Blockchain Platform.
The we.trade digital platform delivers reliability, simplicity and security to global trade transactions across trade finance, insurance and logistics. Clients can register for we.trade via an existing we.trade member bank.
About EBRDs Trade Facilitation Programme
National Bank of Greece, TBC Bank and Nordea are participants in the EBRD’s Trade Facilitation Programme
(TFP), launched in 1999 to promote foreign trade to, from and among the economies in which the EBRD invests. Through the programme, the EBRD provides guarantees to international confirming banks and short-term loans to selected banks and factoring companies for on-lending to local exporters, importers and distributors. The TFP currently includes more than 100 partner banks in 30 economies where the EBRD invests and more than 800 confirming banks worldwide.
For more information: https://www.ebrd.com/