BNP Paribas has finished its first ‘Blockchain Bizhackathon’ to assess the potential that blockchain applications have for use in both trade finance and cash management. The event, organised by the corporate trade and treasury solutions team, included 70 participants from BNP Paribas and their clients, blockchain experts, and FinTechs.

The participants met to explore how blockchain technology could improve both the customer experience and the efficiency of the services provided, focussing on six specific areas of transaction banking: cash management and correspondent banking, trade finance and documentation, supply chain upstream, supply chain downstream, commodity financing, and open account.

The promising results of the two- day event will be further analysed and deepened over the course of the year, the FI noted, in order to assess their true potential and actual feasibility in a reasonable timeframe.

Marc Carlos, head of corporate trade and treasury solutions at BNP Paribas, said: “Our first ‘bizhackathon’ helped us to highlight the opportunities of the blockchain for our flow financing activities and our financial services to corporate treasurers, as well as its potential applications to improve our practices, review and optimise our processes, and reinforce the reliability, traceability and security of our transactions.”

“Our clients’ contribution over the two days was invaluable because it helped us, not only to understand their needs, but also to reflect together on how to reinvent the way in which we can work together to enhance the quality and relevance of our client solutions.”

BNP Paribas has also recently joined international (R3) and European (CDC) blockchain initiatives, and announced its acquisition of a stake in the FinTech firm, Digital Asset Holdings.

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