Two clients of French bank BNP Paribas processed and cleared several live payments over the bank’s Cash Without Borders product.
Amcor, a packaging solutions company, and Panini Group, which works in collectables and trading cards, made payments in different currencies between their BNP bank accounts and others located in Germany, the Netherlands and the U.K., the bank said in a Dec. 21 news release.
“Blockchain technology offers real opportunities to considerably improve our offer for corporate treasury managers,” Jacques Levet, head of transaction banking for Europe, the Middle East and Africa at BNP’s corporate investment bank, said in the release. That includes the potential to eliminate delays, unexpected fees and processing errors.
“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 is working with a number of clients to build products and services with blockchain technology designed for the next generation of transaction banking and cash management products. Cash Without Borders launched earlier this year through the bank’s inaugural “Blockchain Bizhackathon.”