Cegeka has developed a blockchart application for the Dutch business bank Amsterdam Trade Bank (ATB) to automate the process of trade financing. This must generate significant time and cost savings and allow ATB to improve its competitiveness in a market currently dominated by some major players.The project also worked with the Leuvense software factory of Cegeka.
ATB is a European trading bank that specializes in the value chain of raw materials. She uses the new blockchild application for transactional loans, one of her core products. This loan is a very classic form of trade financing. After all, the process requires a lot of paper and manual work and it is often labeled as traditional.
“Technologies like the block chain can fundamentally change financial services,” said Michel Hofman, CIO at the bank. “Together with Cegeka and one of our customers, we have developed a digital alternative that brings benefits to all parties in the chain. Product development and innovation with the help of customers and partners like Cegeka is invaluable for our future. ”
“Paper documents such as the consignment note are valid as the certificate of ownership for goods. They are used by banks to finance their customers, “says Sander van Loosbroek, Director Distributed Ledger Technology at Cegeka. “Such a paper financing guarantee can be perfectly digitized. For example, we can replace it with a secure equivalent protected by a blockchain from illegal copying or transfer. We use the public open-source blockchain network Ethereum for our decentralized application. We apply this new process to real transactions so that we can continuously improve the solution. ”
ATB wants to process transactions more efficiently and transparently with the Blockchain application. By involving the entire trading ecosystem, the bank reduces manual work and errors in information flows. The application also makes it easier to customize property ownership. The blockchain solution is currently being tested in a closed trial environment with real transactions. This enables partners to quantify the integration possibilities and determine the next steps in development.
To a standard for information exchange
The developers of Cegeka and ATB are in contact with InnovationHub AFM-DNB International Chamber of Commerce ICC. Together they want to develop a standard that regulates the exchange of information with other parties.