Commerzbank calls on R3 Corda blockchain for trade finance thrust
The bank says this is the first step toward enhancing the supply chain network of corporate clients to offer more efficient access.
Nikolaus Giesbert, divisional board member, fixed income, currencies and commodities and trade finance and cash management, Commerzbank, says this is a “significant milestone in our journey to develop and implement digital product solutions” – and in trade finance it sees “significant potential and the need to support digital data flows along the supply chain of our corporations”.
Giesbert explains that this is only possible by connecting ERP systems to new distributed ledger technology (DLT) networks and platforms.
In terms of more details, Commerzbank states that by deploying Corda to SAP’s cloud platform, the existing APIs are used to access business networks and systems across all industries.
The deployment also means the Corda platform could integrate with other technologies and capabilities such as API management, machine learning and analytics.
The bank adds that it will share the results of this technical test in its ongoing projects with R3 and aim to use the SAP connection with Corda in future pilot transactions.
Commerzbank is a member of R3’s network and an participant in several R3 initiatives on use cases in areas such as trade finance. SAP is collaborating with both R3 and R3 members.