Paris-based French Bank BNP Paribas, the third largest bank in the world and the 18th largest corporation with 189,000 staff in 74 countries, completed its first real-time Blockchain payment this week.
The bank announced it has processed several live payments for two of its longstanding corporate clients, Amcor, global leader in packaging solutions and Panini Group, international leader in collectables and trading cards.
This news follows the announcement in September that BNP Paribas is co-developing new products and services with a number of clients, aiming to design the next generation of Transaction Banking and Cash Management products with Blockchain technology.
The “Cash Without Borders” proof-of-concept was launched early 2016 after the Bank’s Corporate Trade and Treasury Solutions business embarked on a collaborative process during its first-ever ‘Blockchain Bizhackathon’.
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 United Kingdom. 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.
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.”
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 74 countries, with more than 189,000 employees, including more than 146,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors.
BNP Paribas Corporate and Institutional Banking (CIB) is a leading provider of solutions to two client franchises: corporates and institutionals, and operates across EMEA (Europe Middle East Africa), APAC (Asia Pacific) and the Americas. The bank is a global leader in Debt Capital Markets and Derivatives and a top European house in Equity Capital Markets with leading franchises in Specialized Financing.