Both banks have already created their own blockchain technology solutions.

Two global banks have joined the executive committee of the blockchain trade association Chamber of Digital Commerce.

BNP Paribas and BNY Mellon have joined the committee, as both are seeking to expand their interests in blockchain technology, the firms said in a statement earlier in the week.

Both banks have shown previously that they are globally recognised as important innovators in blockchain. In December 2016, BNP Paribas processed and cleared its first real-time blockchain payment, and BNY Mellon launched the BDS 360, a test system which uses blockchain technology to create a backup record of brokerage transactions.

"Blockchain technology is the future of the transactions in the financial industry," said Alex Batlin, global head of emerging business & technology and global blockchain lead of BNY Mellon. "Active innovation in these early stages is crucial to identifying and creating the most effective and beneficial implementations. BNY Mellon is proud to be a vocal advocate for distributed ledger technology and we look forward to collaborating with the chamber."

Chamber founder and president, Perianne Boring, added: "BNP Paribas and BNY Mellon's membership with the Chamber of Digital Commerce underscores the importance of this technology for major banks, and the power of collaboration at the highest levels of the financial industry to accelerate the adoption of blockchain technology."

The Chamber of Digital Commerce, headquartered in US capital Washington, is a global trade association dedicated to promoting the understanding, acceptance and use of digital assets and blockchain technology.