BNP Paribas trials blockchain payments for two corporate clients
BNP Paribas has processed “several live payments” using blockchain technology for two of its corporate clients, Amcor and Panini Group.
Amcor specialises in packaging solutions. Panini Group is a collectables and trading cards specialist.
“Using blockchain technology, BNP Paribas successfully processed and cleared for Panini Group and Amcor payments in various currencies between BNP Paribas bank accounts located in Germany, the Netherlands and the UK,” the bank states.
“The payments were fully processed and cleared in a few minutes highlighting the real potential of this innovative technology which eliminates delays, unexpected fees and processing errors, paving the way for real-time cash management.”
The project is part of the bank’s “Cash Without Borders” proof-of-concept (PoC) that was launched in 2016. In September, BNP Paribas went on the record about new products and services being co-developed with its long-standing corporate clients, using the distributed ledger technology (DLT).
“This PoC 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,” sates Panini Group treasurer, Fabrizio Masinelli.