Paris-headquartered banking giant BNP Paribas announced today that it has processed several live payments for two of its longstanding corporate clients, using blockchain technology. It processed and cleared for payments in various currencies between bank accounts located in Germany, the Netherlands and the United Kingdom.
The payments were fully processed and cleared in a few minutes, which BNP Paribas says highlights the real potential of this innovative technology which eliminates delays, unexpected fees and processing errors, paving the way for real time cash management.
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Panini Group Treasurer Fabrizio Masinelli said: ‘’Blockchain technology applied to cross-border payments offers an innovative way of processing in near-real-time high-value transactions between different companies. This proof-of-concept shows how powerful such technology can be and how it can be utilised as an effective and efficient response to the main issues that treasurers face on a daily basis. This great achievement was possible thanks to the collaboration between Panini’s Group Treasury teams and the various teams of BNP Paribas.”
Jacques Levet, Head of Transaction Banking EMEA at BNP Paribas CIB, commented: “This proof-of-concept demonstrates that Blockchain technology offers real opportunities to considerably improve our offer for corporate treasury managers. On the payments front, this confirms our strong commitment to follow closely and further accelerate our participation in a number of market initiatives aiming at improving the corporate payments experience using Blockchain technology.”
This news follows the announcement in September that the bank is expanding its blockchain platform for private stocks to help non-exchange-listed companies issue minibonds via crowdfunding platforms.