Consortia ’21: ‘Blockchain is here to stay’

In advance to BCR’s Consortia ‘21 event which will take place on 19-20 October in London, Patrik Zekkar (picture), Head of Trade and Working Capital Management at Nordea talks to TRF News about the future development of blockchain based receivables finance initiatives and the challenges consortiums are facing in adopting this path.

TRF News: How do you see the future development of blockchain based receivable finance initiatives?

Patrik Zekkar: First, there is now no uncertainties around the future of blockchain based receivables finance and trade initiatives. They are here to stay. The current key focus area on the future development is the vertical integration of these initiatives, e.g. enlarge networks and enhance value proposition to be a one stop shop for multiple services around the trade supply chain. The pace of future development is dependent on the ability to agree and set forms, standards, rules and regulations for these initiatives to connect into larger networks. Some of the pre-requisites for succeeding here are within the driver of such initiatives and some are on third parties to be invited to the table.

TRF News: What main challenges are consortia facing on this path?

Patrik Zekkar: There are of course multiple challenges and hurdles to overcome short-term, internal as well as external, and conflicting agendas and priorities, however, I am a strong believer of that in the end it will be the path leading to sustainable growth and profitability which prevail. Thus, consideration needs to be taken that those various initiatives are in different stage of maturity which have and will have an impact on the pace for the more strategic moves forward of some of the initiatives.

Meet Patrik Zekkar during BCR’s Consortia ‘21 London 19-20 October, where he will speak on the panel session Scaling to solve real problems with real-world products.