Banco Inter and Chainlink have completed a cross-border blockchain experiment involving the Central Bank of Brazil (BCB) and the Hong Kong Monetary Authority (HKMA). The pilot tested programmable settlement for international trade transactions between Brazil’s Drex central bank digital currency (CBDC) network and Hong Kong’s Ensemble network.
According to an announcement from Banco Inter and Chainlink, the project simulated a Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) process between the two jurisdictions. It formed part of Phase 2 of Brazil’s Drex initiative and was carried out together with Standard Chartered, Global Shipping Business Network (GSBN), and 7COMm.
The setup allowed trade payments and title transfers to occur automatically through smart contracts, with Chainlink’s infrastructure handling the cross-chain communication. GSBN recorded the transfer of the electronic bill of lading (eBL) as payments were triggered, creating a single automated workflow linking blockchain-based title registry and payment settlement.
Implications for trade finance
The test aimed to demonstrate how programmable settlement could reduce operational friction and settlement risk in cross-border trade. By combining tokenised payments with digital documentation, the system could provide more secure and timely transactions while offering smaller exporters access to automated trade finance tools.
Following the pilot, the participating institutions plan to explore additional use cases, including open account trade, and expand interoperability with other eBL providers.
