Commerzbank Sets Up Innovation Lab, Focused on IoT, Distributed Ledgers
Commerzbank has established an innovation lab in Dortmund, exploring the potential use of new technologies in trade finance. The Germany-based bank has leveraged its partnership with the Fraunhofer Institute for Material Flow and Logistics IML, where the innovation lab is based.
The lab will focus on a variety of new payment and finance ideas, with an initial focus on distributed ledgers, smart contracts and IoT, and preparing such solutions to enter the market. Additionally, the two institutions will work on establishing a general framework and standards for the digitalisation of international supply chain management and related financing tools.
“Since the collaboration with Fraunhofer IML began, potential practical applications for the trade finance business have been identified and prioritised in consultation with corporate clients of the Bank,” said Nikolaus Giesbert, divisional board member, fixed income, currencies and commodities and trade finance and cash management at the bank.
"Processes along physical supply chains can be linked much more closely to the financial supply chain using new technologies. In many parts of the supply chain, processes currently done manually are able to be automated and performed more efficiently. The Enterprise Lab Center provides exactly the right framework for us to step up our collaboration, which has been a success to date."