Bank of America, Microsoft Partner for Trade Finance Blockchain Transformation

Testing and development of the initial application is ongoing.

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Bank of America and the software giant will build and test technology, create frameworks and establish best practices for exchanges using blockchain. A proof of concept will also be done. Microsoft will serve as advisors and initial test clients.

Both companies said trade finance transactions are "highly manual, time-consuming, and costly." With blockchain, underlying financial processes can be digitized and automated, shorten settlement times, reduce risk, enhancetransparency and improve effici

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