The National Bank of Canada (NBC), through a recent press release, made it known that they will explore applying blockchain technology towards solving its its most prominent processes. The bank is moving forward with this venture by entering into a partnership with two other firms, CGI and blockchain startup c.
The partners involved will bring their own specializations to the project. CGI, a Montreal-based global information technology consulting, that focuses on systems integration, outsourcing, and solutions and Skuchain, a blockchain technology development company, develops blockchain based products for B2B trade and supply chain finance. The NBC aims to utilizes products from both companies,a smart Contract Builder owned by Skuchain as well as the CGI Trade360 trade finance platform. The goal of this joint venture is to streamline NBC’s client’s transaction procedure. This new platform will be integrated into the system to replace the banks email-based features.
The blockchain-based platform will be used to reduce the client’s transaction processing time, and according to the bank, it will help build ties with the customers for a stronger relationship. The platform will allow customers to have
standby letters of credit and guarantees processed in its entirety on smart contracts. Smart contract allow all parties concerned, to be informed of any changes in the transactional terms.
NBC’s Vice President of Payments, Cash Management and International Solution, Patrice Roy, commented on the project:
“This will enable us to offer a simple, fast and efficient experience to our commercial clients which facilitate managing their business.”