BNP Paribas blockchain payments go live

The company's first transactions were on behalf of Panini Group and Amcor

BNP Paribas has announced the first payments have gone live on its blockchain transaction-processing and settlement system, designed to cut costs of transactions for businesses.

The first clients to make use of the highly secure service were the collectibles maker Panini and Australian packaging company Amcor. The company explained first transactions were cross-border transfers using customer accounts in Germany, the Netherlands and the UK.

"Blockchain technology applied to cross-border payments offers an innovative way of processing in near-real-time high-value transactions between different companies," said Panini Group treasurer, Fabrizio Masinelli.

"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."

BNP Paribas said it planned to start using blockchain technology back in September. At that point, it had started working with select clients to test blockchain applications for transaction banking.

BNP Paribas explained how the technology was able to process and clear the transactions in minutes rather than hours. It can eliminate the delays for receiving payments, reduce high fees and minimise processing errors that are usually associated with making manual payments.

"This proof-of-concept demonstrates that blockchain technology offers real opportunities to considerably improve our offer for corporate treasury managers," Jacques Levet, head of transaction banking for EMEA at BNP Paribas, said.

"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."

Featured Resources

Unleashing the power of AI initiatives with the right infrastructure

What key infrastructure requirements are needed to implement AI effectively?

Download now

Achieve today. Plan tomorrow. Making the hybrid multi-cloud journey

A Veritas webinar on implementing a hybrid multi-cloud strategy

Download now

A buyer’s guide for cloud-based phone solutions

Finding the right phone system for your modern business

Download now

The workers' experience report

How technology can spark motivation, enhance productivity and strengthen security

Download now

Recommended

What is e-safety?
e safety

What is e-safety?

27 Jan 2021
Your essential guide to internet security
Security

Your essential guide to internet security

27 Jan 2021
Mimecast links breach to SolarWinds hackers
Security

Mimecast links breach to SolarWinds hackers

27 Jan 2021
TikTok vulnerability exposed private user data
data protection

TikTok vulnerability exposed private user data

26 Jan 2021

Most Popular

WhatsApp could face €50 million GDPR fine
General Data Protection Regulation (GDPR)

WhatsApp could face €50 million GDPR fine

25 Jan 2021
How to move Windows 10 from your old hard drive to SSD
operating systems

How to move Windows 10 from your old hard drive to SSD

21 Jan 2021
What is a 502 bad gateway and how do you fix it?
web hosting

What is a 502 bad gateway and how do you fix it?

12 Jan 2021