Zurich, 17 October 2019 - Being the first Swiss bank UBS enables corporate customers in Switzerland to access the trade finance platform we.trade, utilizing a blockchain. Thanks to this innovative solution, Swiss corporate clients can carry out trade finance transactions within Switzerland and Europe digitally and easily, thus achieving significant efficiency gains. We.trade makes it possible for suppliers and buyers to collaboratively process transactions effortlessly and swiftly on a single platform.
The platform is characterized by increased trust, security, transparency and a high cash flow planning accuracy for trade financing transactions. For example, sellers can ensure that they receive the agreed amount at an agreed time and hedge counterparty risks.
The international trade finance platform we.trade was jointly developed by an international banking consortium. In addition to UBS, 13 other European banks and their customers are represented on the platform. The we.trade network is to be expanded by further banks in the coming months and expanded outside Europe. New functions on the platform are continuously reviewed and further developed on the basis of direct feedback from customers.
UBS Switzerland AG
UBS Group AG published this content on 17 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 October 2019 07:33:02 UTC