Batavia, a blockchain-based global trade finance platform developed by a consortium including Bank of Montreal (BMO) and IBM, has reached a new milestone, having completed its first pilot transactions.
Batavia allows multiple parties to make smart payments – payments that are held and recorded on the blockchain ledger that help to develop and support the creation of an open ecosystem, providing more efficient and transparent transactions between parties.
According to BMO, these pilot transactions included the trading of cars between Germany and Spain, and raw textile materials that are used in furniture production between Austria and Spain.
“We are proud to have played a significant role in achieving this milestone – successfully enabling international trade using Blockchain,” said Jeffrey Shell, Managing Director and Head of Global Trade & Banking at BMO. “We are committed to continuing to develop innovative solutions that help our clients reach new markets; simply, safely and quickly.”
Alongside BMO and IBM, a number of leading global banks including United Bank of Switzerland (UBS), CaixaBank, Erste Group and Zommerzbank helped to develop Batavia.
Off the back of the success of these transactions, those involved will look to develop Batavia into a commercially ready financial solution which may see fintech companies or financial institutions joining forces with the platform.