European SMEs have gained additional support in easier and more transparent domestic and cross-border trade. The Digital Trade Chain Consortium, which is made up of seven European banks, has selected IMB to partner with them in building a new blockchain-based trade finance for small- and medium-sized enterprises. Developed on the Linux Foundations’ Hyperledger Fabric blockchain, the platform with run on the IMB Cloud.

IMB wants the platform to be a user interface that banks will make available to their network of SME clients for buying and selling. Aware of SME challenges – 50% of SMEs lack access to formal credit channels - Keith Bear, VP of global financial services at IBM – says this solution is designed to reduce transaction costs.