Batavia advances the work initiated by UBS and IBM to develop a trade finance platform built on the IBM Blockchain Platform powered by the Hyperledger Fabric Blockchain framework.
The development work is being done collaboratively by the five banks and IBM in consultation with transportation industry experts as well as the banks' customers. Batavia is targeting pilot transactions with customers on the network in early 2018 to test and refine the platform.
The new global trade financing platform aims to help organizations build multi-party, cross-border trading networks worldwide. Batavia will enable transacting parties to view the progress of a shipment as it leaves the warehouse, is loaded onto a plane, truck or boat and arrives at the receiving port, automatically releasing payments incrementally along each step of the process.
The open nature of the platform, which encourages broad participation by many banks, vendors and regulators, also aims to help open new trade corridors, bring new players into the market and expedite processes that have been prohibitively time-consuming and expensive.
The Batavia platform will eliminate the necessity to handle and compare documents, allowing buyers, sellers and their banks to execute transactions with greater efficiency and transparency.