Recently People Bank of China (PBoC) said that the main purpose behind creating a new blockchain-based payment system is to mitigate the financial risk posed by existing electronic payment platforms which are highly dominated in China by just two private players – WeChat and AliPay. Read more: Why central bank...
Walmart Canada has developed a blockchain-based payment network that managers real-time invoicing, payments and settlement for its carriers, third-party trucking companies that transport inventory to over 400 Walmart retail stores across Canada.
The U.S. federal reserve is researching on blockchain and digital currencies to innovate the retail payments. According to the job posting published on Nov 4 by Fed careers, the U.S. federal reserve is looking for a person to manage its retail payment section as well as research on digital innovation...
Accenture, SAP, and R3 are collaborating to build a blockchain-based real-time gross settlement system (RTGS). The design will enable high-value transactions faster, more efficient, reliable and secure between banks and users. Rather than working against the system, the proposed design is spin around the idea of allowing banks and payment...
JP Morgan’s Interbank Information Network, a blockchain-based payment system has now more than 340 banks joining the network. IIN system enables member banks to exchange information in real-time with fewer steps. Recently, Deutsche bank signed-up to be part of the IIN system. Full list of banks joining JP Morgan’s Interbank...
Wells Fargo today announced plans to create its own digital cryptocurrency ‘Wells Fargo Digital Cash’ to be used as a settlement method within its global network. The digital currency will run on Wells Fargo’s first blockchain platform. The blockchain-based settlement network will help Wells Fargo to remove barriers to real-time...
Deutsche Bank has joined JPMorgan’s Interbank Information Network, a blockchain-based network based on Quorum, a permission-variant of the Ethereum blockchain, developed by J.P. Morgan. Source: Financial Times. IIN minimizes friction in the global cross-border payments process, enabling payments to reach beneficiaries faster with fewer steps. Using blockchain technology, IIN reduces...
