Standard Chartered Completes Cross-Border Blockchain Payment in 10 Seconds
Tapping blockchain technology, London-based multinational banking and financial institution Standard Chartered has announced the completion of its first cross-border real-time payment.
Standard Chartered is the latest bank to successfully implement a blockchain solution for the payments.
As with many banks pulling off the feat for business transactions, Standard Chartered used Fintech startup Ripple’s enterprise blockchain platform. In this endeavor, the pilot saw a transaction ping over to an unnamed ‘major correspondent bank’ to see the transaction complete in less than 10 seconds. This settlement time included the ‘full transparency of fees and FX (foreign exchange)’, an announcement revealed. The same payment dispatched through the existing banking system and network would take up to two days, the bank remarked.
In a statement, Alex Manson, global head of Transaction Banking at Standard Chartered said:
Payments innovation is a key area of focus in order to bank our clients’ ecosystem and make it more cohesive, reduce risk and increase transparency.
Indeed, the payments industry – a critical component making up the foundation of the existing banking system – is currently under the threat of disruption from bitcoin’s underlying technology, the blockchain. Newly released IBM research has revealed that banks are rushing to implement blockchain solutions, as early as 2017.
This post was published at Crypto Coins News on 29/09/2016.