Batavia, a blokchain-based trade finance platform developed by a consortium of international banks and IBM, has passed its first live pilot transactions with corporate clients.
Jointly developed by Bank of Montreal (BMO), CaixaBank, Commerzbank, Erste Group, IBM and UBS, the initial transactions on Batavia included the trading of cars from Germany to Spain and textiles for furniture production from Austria to Spain.
Batavia encompasses both the closing of trade agreements and the execution of smart payments, which can be automatically triggered by specified events in the supply chain and recorded in the blockchain.
