we.trade

Your blockchain-based trading platform, simple and paperless

  • Transparent
  • Secure
  • Efficient

we.trade is a blockchain-based platform which offers a new way of handling and securing the trade of goods and services.

What are the benefits of we.trade?

  • Ensures transparency and security in your business relationships
    A comprehensive view within a digital trade platform that provides you with the status of all your trade transactions.
  • Mitigates your risk
    Allows you to protect yourself financially against debtor risk due to late payments, defaults, unknown suppliers, structurally weaker countries, etc.
  • Saves time and money
    Automated monitoring of the contractual terms and payment without delay upon fulfilment of the Smart Contract.
  • Creates flexibility through additional financing options
    Lower barriers for your company to access financial services and risk mitigation instruments due to a digital trade platform with a state-of-the-art user-friendliness. 

When does it make sense to use we.trade?

If you are looking for an innovative and digital solution for trade transactions and if you want to have those displayed online. Additionally, if you want to protect yourself against risks (e.g. payment defaults), to improve your liquidity or if you want to get digital access to financial services easily.

What are the prerequisites for using we.trade?

  1. Account with Erste Group Bank AG
  2. Conclusion of the customer agreement for access to we.trade. Please contact us to register.
  3. Your trade partner has to be a client of one of the we.trade’s network banks

How we.trade works: 

  1. The buyer or seller initiates the digital trade contract ("Smart Contract") via we.trade and specifies commercial terms and conditions. The trading partner confirms those conditions.
  2. Optionally, the buyer requests a Bank Payment Undertaking through his bank in accordance with the agreement in the Smart Contract.
  3. The seller ships the goods and issues the invoice. The invoice can also be uploaded via we.trade if requested. The terms and conditions as stipulated are fulfilled.
  4. Optionally, the seller requests a BPU Financing through his bank.
  5. The buyer's bank debits the buyer's account on the due date.

What is Auto-Settlement?

The buyer’s bank automatically processes a payment on the due date, after all agreed settlement conditions of the Smart Contract have been met.However, payment is only effected if there are sufficient funds or available limit on the buyer´s account. 
 

What is a BPU (Bank Payment Undertaking)?

The buyer’s bank provides an irrevocable undertaking to the seller that the purchase amount will be paid on due date and after all settlement conditions of the Smart Contract have been met. A BPU mitigates the risk of the buyer’s inability to pay on due date as the buyer’s bank provides the irrevocable payment undertaking.
 

What is a BPU Financing?

The seller can request financing for the underlying receivables based on a BPU issued by the buyer’s bank. This non-recourse financing service provides the seller with improved liquidity.
 

Which banks offer we.trade?

*Active or planned participation
 

What´s the story behind we.trade?

we.trade is a Dublin-based FinTech with the aim of building a platform which offers corporate clients a digital one-stop shop for their trade transactions. Erste Group Bank AG, together with other banking partners, co-developed we.trade from the very beginning and is a shareholder of the FinTech. This unique service is currently being offered by 13 large European banks in 15 countries. The platform’s geographical coverage and functionality will both expand further as additional partners join the we.trade ecosystem.

"Trade finance" today is probably the most frequently used area of enterprise blockchain. Even if there is still some way to go until it achieves global acceptance, the awards that we.trade has received underline the high degree of international interest that exists for such a solution.

we.trade has twice been named the "Best FinTech Disruptor” by Global Trade Review (GTR) and Global Finance.

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Contact

Do you want to be one of the first companies to use we.trade? Contact us
Robert Konrad

Robert Konrad

Head of Group Transaction Banking

robert.konrad@erstegroup.com

Ivica Bogdanovic

Ivica Bogdanovic

Head of Trade Finance Sales

ivica.bogdanovic@erstegroup.com