Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Bank of Montreal    BMO   CA0636711016

BANK OF MONTREAL (BMO)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Commerzbank, other banks join UBS and IBM trade finance blockchain

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/04/2017 | 04:41pm CEST
A woman passes by the IBM offices in New York

NEW YORK (Reuters) - Commerzbank AG (>> Commerzbank), Bank of Montreal (>> Bank of Montreal), Erste Group Bank AG (>> Erste Group Bank AG) and CaixaBank SA (>> CaixaBank) have joined an initiative launched by UBS Group AG (>> UBS Group) and IBM Corp (>> International Business Machines Corporation) aimed at building blockchain-based technology to support trade finance transactions.

NEW YORK (Reuters) - Commerzbank AG (>> Commerzbank), Bank of Montreal (>> Bank of Montreal), Erste Group Bank AG (>> Erste Group Bank AG) and CaixaBank SA (>> CaixaBank) have joined an initiative launched by UBS Group AG (>> UBS Group) and IBM Corp (>> International Business Machines Corporation) aimed at building blockchain-based technology to support trade finance transactions.

The platform called Batavia would help banks and their clients automate the trade finance process, which remains highly manual and paper-based, the participating companies said on Wednesday.

In trade finance, banks provide funding and other services to importers and exporters to facilitate commerce.

Among other things Batavia will allow parties to track a transaction from when a shipment leaves a port to when it reaches its destination.

Blockchain, which was first developed to power cryptocurrency bitcoin, is a shared ledger of data that is maintained by computers, rather than a central authority. Over the past few years, banks have been investing millions of dollars in adapting the technology to run some of their data heavy and complex processes.

Banks have been collaborating and forming consortia to develop the technology.

Trade finance is considered a good use for the technology because it involves numerous parties such as the institutions financing the transactions, buyers, sellers, transporters and inspectors.

Currently each party maintains its own records, which can lead to mistakes and delays. The new platform aims to provide all participants with a shared record, reducing errors and driving more business.

"Trade finance is a perfect use case because there are so many participants in a trade ecosystem especially when you talk of global trade," Marie Wieck, a general manager at IBM Blockchain, said in an interview. "Digitizing and creating a level of trust is a perfect accelerator (for business)."

A pilot is expected to take place with the new banks in the first quarter of 2018, Wieck said. The project was first announced in 2016.

The platform would also use so-called smart contracts, or computer programs on the blockchain that automatically enforce the terms of an agreement. For example the platform would release payments for a transaction along each step of the trade process.

While the finance industry continues to experiment with blockchain, it is still in its early days and some caution that it may take several years before it leads to any benefits.

IBM is also working with Nestle SA (>> Nestlé), Unilever Plc (>> Unilever), Wal-Mart Stores Inc (>> Wal-Mart Stores) and other large food and retail companies on a separate blockchain project to track food supply chains.

(Reporting by Anna Irrera; Editing by Lisa Shumaker)

By Anna Irrera

Stocks mentioned in the article
ChangeLast1st jan.
CAIXABANK 1.42% 4.062 End-of-day quote.2.98%
COMMERZBANK -1.39% 10.972 Delayed Quote.-13.65%
ERSTE GROUP BANK AG 0.96% 40.92 End-of-day quote.13.67%
INTERNATIONAL BUSINESS MACHINES CORPORATION 0.47% 146.5741 Delayed Quote.-4.93%
NESTLÉ 0.45% 75.42 Delayed Quote.-10.26%
UBS GROUP -0.45% 16.695 Delayed Quote.-4.12%
UNILEVER 1.06% 3910 Delayed Quote.-6.29%
WAL-MART STORES 0.38% 86.52 Delayed Quote.-11.92%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BANK OF MONTREAL
04/20INTERNATIONAL BUSINESS MACHINES : IBM trade blockchain completes first smart con..
AQ
04/18Lundin Gold Adds Two Banks to Lenders Syndicate
AQ
04/17TUESDAY SECTOR LAGGARDS : Transportation Services, Banking & Savings
AQ
04/10BANK OF MONTREAL : Clearpool Group and BMO Capital Markets Announce Strategic Te..
AQ
04/10BANK OF MONTREAL : BMO Capital Markets to Enhance Algorithmic Trading Technology..
AQ
04/09BANK OF MONTREAL : Today's Free Reports Bank of Montreal, National Bank of Canad..
AC
04/05BANK OF MONTREAL : Enters into Automatic Securities Purchase Plan
AQ
04/05BANK OF MONTREAL : new boss seeks 'lighter structure'
RE
04/05BANK OF MONTREAL : BMO CEO sees early stages of investment outflow from Canada t..
AQ
04/05Canadian cannabis deals boost boutique investment banks in first quarter
RE
More news
News from SeekingAlpha
04/23DIVIDEND SENSEI'S PORTFOLIO UPDATE 3 : 3 Billionaire Habits That Can Make You Ri.. 
03/27NATIONAL BANK OF CANADA : Excellent Track Record Of Dividend Growth 
03/25BANK OF NOVA SCOTIA : Strong Growth Expected In Its Latin America Business 
03/22TD BANK : Well-Managed But A Hold 
03/21Is Royal Bank A Buy Or A Hold? 
Financials ( CAD)
Sales 2018 22 109 M
EBIT 2018 8 181 M
Net income 2018 5 283 M
Debt 2018 -
Yield 2018 3,91%
P/E ratio 2018 12,10
P/E ratio 2019 10,60
Capi. / Sales 2018 2,81x
Capi. / Sales 2019 2,69x
Capitalization 62 129 M
Chart BANK OF MONTREAL
Duration : Period :
Bank of Montreal Technical Analysis Chart | BMO | CA0636711016 | 4-Traders
Technical analysis trends BANK OF MONTREAL
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 108  CAD
Spread / Average Target 13%
EPS Revisions
Managers
NameTitle
Darryl White Chief Executive Officer & Director
L. Jacques Ménard President
J. Robert S. Prichard Chairman
Thomas E. Flynn Chief Financial Officer
George Alexander Cope Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
BANK OF MONTREAL-4.99%48 374
JP MORGAN CHASE & COMPANY4.24%380 160
INDUSTRIAL AND COMMERCIAL BANK OF CHINA-4.52%327 505
BANK OF AMERICA2.51%309 974
CHINA CONSTRUCTION BANK CORPORATION-4.04%272 754
WELLS FARGO-13.29%256 287