BNP Paribas today 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.