Twelve major banks joined blockchain consortium firm R3 and trade finance technology provider TradeIX on Tuesday in an initiative to develop an open account trade finance business network. The overall goal is to design a new infrastructure behind open account trade finance, and provide the appropriate tools for buyers and sellers. These tools range from trade specific APIs, technology, a sophisticated rules engine, as well as an open – standard core infrastructure for trade data, contracts, and transactions. The network will be powered by TradeIX and R3’s Corda distributed ledger platform. The twelve banks involved in the initiate
