The Dutch bank has a decentralised trade inventory platform, dubbed “Forcefield”, in the works, which will be built in collaboration with Accenture and ING. The platform will use internet of things devices to deliver instant insights into trade inventories, and its monitoring capabilities, ABN AMRO claims, will result in cost reductions and more safety in the physical handling process.
Other entities, such as Anglo American, CMST International, Hartree Partners, Macquarie, OCBC Bank, and Mercuria, have also signed MoUs to participate in Forcefield.
When Forcefield launches, refined metals commodities will be the focus. ABN AMRO will expand its offerings to additional dry bulk commodities.
Although warm on blockchain, the bank recently announced and abandoned plans to launch its own cryptocurrency wallet, Wallie, because crypto’s risk is too high due to it not being regulated.
ABN AMRO’s Digital Impact Fund also recently acquired a stake in US data technology outfit Tealium. Tealium’s customer data orchestration solution gives companies a single view of its customers, which operates a central management point for customer data throughout the data supply chain. Hugo Bongers, director of the ABN AMRO Digital Impact Fund, says the investment slots into the bank’s “reinventing customer experience” pillar, and bolsters ABN AMRO’s data capabilities.