Nordea Bank provides services that make trade among small and midsize enterprises (SMEs) easier. However, few SMEs can afford the risk of doing business with unknown parties. Add the cost and time to meet the many legal and regulatory hurdles inherent in international trade, and the cross-border friction becomes so onerous that many SMEs avoid trading altogether.
To help increase trust between trading companies, Nordea and 11 other large European banks worked with IBM Services to launch we.trade. IBM Services provided its technical expertise, industry knowledge and relationships with key trading partners. Powered by IBM Blockchain technology, we.trade connects buyers and sellers in an efficient digital ecosystem that creates trust among partners and streamlines trade across Europe’s borders. By expanding the network by adding logistics companies, insurers and other service providers, Nordea hopes to make we.trade a complete trading marketplace.