The initiative to create a blockchain-based technology to support trade finance transactions was first launch by UBS group AG and IBM Corp. Now other bank seems to join the initiative such as Commerzbank AG, Bank of Montreal, Erste Group Bank AG and CaixaBank SA.

The platform called Batavia would help banks and their clients automate the trade finance process, which remains highly manual and paper-based. Trade finance will make a good use of this technology because their actions involve numerous parties who each maintain its own records what can lead to mistakes and delays.

Batavia aims to provide all participants with a unique shared record which will considerably decrease errors and at the same times driving more business.