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R3

and TradeIX Develop Blockchain Solution


for Open Account Trade Finance
Nasdaq / October 05, 2017

R3 and TradeIX are developing an end-to-end open account trade finance business network, with the
collaboration of twelve high-profile financial institutions: Bangkok Bank, Barclays, BBVA, Bladex, BNP
Paribas, Commerzbank, CTBC Bank, ING, Intesa Sanpaolo, Shinhan Bank, Royal Bank of Scotland and
Wells Fargo.

This project represents a big step for the trade finance industry," David Sutter, the head of platform
strategy at TradeIX, said. "Cutting-edge technology coupled with a strong spirit of collaboration amongst
many of the world's leading trade banks, corporates and technology providers is helping to make trade
finance simpler, less risky and more inclusive as well as connecting the ecosystem of banks, buyers,
suppliers, technology providers, insurers and others critical to facilitating global open-account trade
flows.

An open account trade flow means that goods are delivered before payment is due. Obviously, open
account transactions are advantageous for buyers, but risky for sellers, who often need trade financing
before embarking on a deal. The new initiative of TradeIX and R3 seems to represent a promising way to
better organize the sector with streamlined operations, with a potential to enable flexible and efficient
working capital finance solutions for the clients of the financial operators involved in the project. "For the
first time in history, we have both the opportunity and the tools needed to transform and rewire the world's
global trade finance infrastructure," added Sutter. "In doing so, we can make fundamental improvements
to the benefit of the entire trade ecosystem.

TradeIX administers the TIX Platform , an open platform providing applications, technology tools and core
infrastructure for the trade finance ecosystem. R3 provides Corda , a distributed ledger platform
designed specifically for financial services. These two platforms will power the new trade finance
business network.

The R3 press release explained that, with this new initiative, financial institutions will be able to automate
pre- and post-shipment financing and risk mitigation for corporate buyers and sellers around the world.
Standard trade finance smart contracts on a distributed ledger infrastructure will provide secure and
automated financing of supply chains using a single record for critical trade data including identities,
purchase orders, invoices, shipping and logistics information, trade assets, financing activity, credit risk
and more.

"Earlier this year R3, TradeIX and a core group of R3 members teamed up to redesign the infrastructure
behind open account trade finance utilizing our Corda platform and the TIX Platform of TradeIX," David
Rutter, CEO of R3, said. "Existing trade finance infrastructure is in serious need of an upgrade, and this
project is a big step toward the adoption of reliable, efficient and standardized processes for the entire
sector."

Source: Nasdaq www.tradeix.com Page 1