Now, we'll have a look at a specific initiative by IBM and several global banks, which goes on to highlight what we discussed in the previous sections. Innovation in traditional finance is already underway.
The specific initiative we will examine is called Batavia, and it involves a partnership between IBM and UBS, joined by several other major banks such as Bank of Montreal, CaixaBank, Commerzbank, and Erste Group. Its main goal is to tackle the inefficient processes in the field of trade finance.
Trade finance is a slow process burdened by bureaucracy, as it stands now: a lengthy process involving multiple verifications carried out by different participants. In most cases, a single deal involves a buyer, a seller, a buyer's bank, a seller's bank, a transportation company, and local authorities. The entire process requires plenty...