The ripple based xRapid has made public that 20 financial institutions are employing the tech, particularly in on cross-border remittances. The global head of banking at Ripple, Marjan Delatinne explained, “xRapid went live last October, so it’s a very new product, but we have more than 20 financial institutions using it. So there is still a lot of education, but what is apparent with the regional banks and also the payment service providers is that they are hungry for change and for having a competitive edge.”
Three big banks in Australia, Australia and New Zealand Banking Group, Westpac Banking Corp and Commonwealth Bank of Australia have partnered with IBM and Scentre Group to test blockchain technology. The GM of corporate at Westpac, Didier Van Not expressed, “While the pilot is focussed on retail property leasing, this technology has the potential to benefit many sectors and reduce the risk of fraud across billions of dollars guaranteed by the banks.”
More than 100 global technology and financial companies (like SWIFT, IBM, Ripple, Bitfury) have joined the International Association of Trusted Blockchain Applications (INATBA). The newly-established organization will be assisting the companies with the implementation of blockchain technology among the European countries which has its origin after digital signing ceremony at European Commission in Brussels.
An agreement to transfer the distributed ledger technology (DLT) of Broadridge Financial and Northern Trust to Broadridge has been shared in an announcement. The head of asset management solution for Broadridge, Eric Bernstein explained, “Broadridge’s unique position as a network enabler, and successful record in utilizing blockchain technology, will allow us to help transform the private equity industry.”
The ABN AMRO bank based in Netherlands has abandoned its plans to launch a custodial bitcoin (BTC) wallet dubbed “Wallie” because of risk concerns. The bank’s senior press officer, Jarco de Swart, said in an email that the bank decided not to continue its plans after it concluded that cryptocurrencies’ unregulated nature are at the moment too risky assets for our clients to invest in. The rumors concerning alleged tests of the wallet first started in January.
Wells Fargo, which agreed to pay a $575 million settlement at the end of last year in connection with systemic wrongdoing, joins a long list of banks and financial institutions that are implementing innovative fintech solutions to maintain their edge in the digital economy. As the bank strives to stay competitive in the digital economy, TransferMate, one of the world’s leading cross-border B2B payment providers, will deliver its Global Invoice Connect platform for Wells Fargo clients.
3 more pilot banks have been signed by Finastra to Fusion LenderComm, a DLT platform for the syndicated loan market developed in collaboration with R3. The global head of corporate banking operations at BNP Paribas, Philippe Boulas commented, “With the creation of this community and a collaborative mindset we have a unique opportunity to tackle the operational pain points we have all been experiencing for years and that constrain syndicated loan market expansion.”
A financial institution based in Italy, Medici Bank have shared in a press release regarding the launching of its new bank focusing on digital-centric commerce and investing. The CEO of Medici Bank, Ed Boyle commented, “We are building Medici Bank from the ground up, not reliant on aged infrastructures nor as an overlay on traditional banks.This is uncommon, especially in the USA where licensed challenger bank options are few and far between.”
The CFO of PayPal, John Rainey has commented during an interview with Yahoo! Finance that they’re currently working on the blockchain and cryptocurrency-related project. He then explained, “We have teams clearly working on blockchain and cryptocurrency as well, and we want to take part in that in whatever form that takes in the future — I just think it’s a little early on right now .”