French banking group BNP Paribas has collaborated with a number of clients to co-develop products and services based on blockchain technology, after embarking on a collaborative process during its Blockchain Bizhackathon earlier this year.
The bank is currently working with various corporate clients such as Solvay, Sucafina, Pacorini Group and the DFDS Group on multiple projects that aim to optimise the trade finance and cash management activities of its clients.
The bank is working to use blockchain to enhance customer experience in international payments, support faster and more secure processing of Letters of Credit, as well as support more efficient collateral management in international trade operations involving commodities.
BNP Paribas head of transaction banking for EMEA Jacques Levet said: “We’re delighted with the success of this first-ever Bizhackathon, which resulted in these innovative projects, all sharing one basic feature – that they are being co-developed hand-in-hand with our clients.
“Based on the highly-promising Blockchain technology, these projects stem from close collaboration between BNP Paribas transversal teams, our clients and Blockchain experts. Their aim is to enhance the user experience of corporate Treasurers by providing them with optimal financial services which, inter alia, improve the reliability, traceability and security of their transactions.”
In early 2016 the transaction banking team at the group’s corporate & institutional banking (CIB) unit started exploring the potential applications of blockchain at its various businesses.
The aim was to improve the bank’s services in cash management; international trade finance and documentary credits; inventory and collateral management; working capital management; commodity finance; and open accounts.
The bank is also a participant in the French Labchain and international R3 Blockchain projects. In February 2016, the bank acquired a stake in distributed ledger solutions provider Digital Asset Holdings.