Bank of America and Microfost pilot blockchain for trade finance

27 September 2016

Charlotte-based banking corporation giant Bank of America is partnering with the transnational computer software maker Microsoft over the development of the trade finance platform on the basis of the blockchain. The new platform will be developed and piloted along with the establishment of the regulatory basis and standards of operation and interaction of businesses with the banks and consumers based on blockchain.

The financial team experts from Microsoft will be working as consulting specialists and pilot customers at the stage of Azure suite test. The suite represents a blockchain platform for guarantee letters of credit.

A financial executive at Microsoft notes that while corporations and companies worldwide are facing the urgency to grow and compete with each other and to develop in order to realize those tasks such development will be well powered by blockchain technology.

The implementation of the blockchain trade finance platform can create better forecasting conditions for the operating capital, while cutting the risks and enhancing the performance and inspection transparency, she says.

Meantime an executive at Bank of America Merrill Lynch says that the new pilot project in the blockchain would be able to greatly contribute to the trade finance market reshaping it and making it more digital in line with the current trends.

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