Showing posts with label Batavia. Show all posts
Showing posts with label Batavia. Show all posts

October 28, 2017

Banking giant UBS CEO says Blockchain will ‘reshape’ banking

By Jon Buck - October 28, 2017 (

Sergio Ermotti, the CEO of Swiss banking giant UBS, told CNBC that he believes Blockchain technology will “likely reshape” the way that banks do business. UBS is already heavily invested in the new technology, partnering in the Batavia project with IBM, Bank of Montreal, and others.

The statement does not come as a surprise, as companies and institutions have been rushing into the Blockchain space in order to increase efficiency and decrease costs. According to Ermotti:

"Our strategy there is very simple. We try to initiate and get as many other financial institutions and clients into teams like trade finance with other banks and IBM was a successful venture…[allowing banks to] operate and transact at a cheaper, more efficient level.”

Hot on Blockchain, not Bitcoin

Though excited about the possibilities that Blockchain technology holds for the banking sector, the CEO was ambivalent toward Bitcoin. However, rather than taking a hardline anti-Bitcoin stance like his JP Morgan Chase counterpart, Ermotti simply dismissed Bitcoin, saying:

"Not necessarily cryptocurrencies, I think that needs to be defined, but I believe there is a future for blockchain technology, and technology will play a big role in changing and reshaping our industry."

October 04, 2017

IBM partners with big banks in Blockchain Trade Finance shake-Up

By William Suberg - October 04, 2017 (

IBM has joined United Bank of Switzerland Group to work on a Blockchain trade platform with major global banks.

The future product, dubbed Batavia, would “help banks and their clients automate the trade finance process, which remains highly manual and paper-based,” Reuters reports Wednesday.

The guiding parties have already involved the likes of Germany’s Commerzbank and Erste Group Bank, as well as Bank of Montreal and CaixaBank.

It is a further Blockchain investment for IBM, which has seen considerable success in the field since it unveiled its IBM Blockchain product earlier this year.

“Trade finance is a perfect use case because there are so many participants in a trade ecosystem especially when you talk of global trade,” Reuters quotes Marie Wieck, a general manager at IBM Blockchain as saying.

“Digitizing and creating a level of trust is a perfect accelerator (for business).”

Batavia’s remit remains fairly vague at this initial stage but should focus on error reduction by giving all trade finance parties an identical self-updating ledger to replace manual in-house record-keeping.

A pilot is expected to take place in the Q1 of 2018.

IBM’s various Blockchain efforts meanwhile have earnt its pole position in a survey this month, which named the corporation as the top enterprise provider after it took 43 percent of the vote.

Microsoft came a distant second, with another 20 percent of respondents favoring its Blockchain solutions.