The banks now have an urgent need for blockchain based fund transfer solutions, as the conventional systems are being frequently compromised. The SWIFT network, which is widely used by the banks across the world for electronic fund transfers has been affected by multiple hacking attacks till date, resulting in huge loss of funds. After the recent hacking incident where hackers stole money belonging to the Central Bank of Bangladesh from US Federal Reserve, a Ukrainian bank has become the target of hackers. According to reports, an unnamed Ukrainian bank has lost about $10 million after the hackers gained entry into the bank’s computer systems. The money was then transferred from the bank to offshore accounts using SWIFT’s inter-bank transfer system….
A new research report by banking giant Citi asserts that it does not view bitcoin and other digital currencies as a disruptive threat to banks, credit card networks or traditional remittance providers. Published today, the 56-page report argues bitcoin and digital currencies are better equipped to open up new markets and reach new consumers, and that today’s centralized payment systems are already efficient enough for commerce in the developed world. Citi further indicated that it sees the broader movement toward faster payments solutions in the US, though initiatives such as the Fed Faster Payments Task Force and NACHA, as reducing the attractiveness for digital currencies in payments. The report reads: “The power behind an open network like bitcoin is the…
IBM has completed its latest blockchain project with French bank Crédit Mutuel Arkéa, an effort that found the two firms using the technology to create a system for identity verification. The companies said the proof-of-concept uses the Hyperledger blockchain fabric to enable customers to provide proof of identity to third parties, such as local utilities and retailers. IBM and Crédit Mutuel further sought to label the proof-of-concept as one that provides evidence of how blockchain is being applied in non-financial applications. In statements, Crédit Mutuel COO of innovation and operations Frédéric Laurent said: “This project offered a complete view of customers’ documents across our distributed network and helped us to understand and master blockchain for…
BNP Paribas Securities Services, a subsidiary of French bank BNP Paribas, has announced a new innovation lab that will focus on big data and distributed ledger tech. The bank said that the lab will seek to build solutions for data management and visualization, as well as tools that help clients manage cash and liquidity requirements. The move comes amid a time of heightened interest in blockchain and distributed ledgers at BNP Paribas, following news it had begun work on a blockchain crowdfunding platform and a post-trade system for small businesses. BankingBNP Paribasdistributed…
San Francisco-based distributed ledger tech startup Ripple has added seven new partner financial institutions. Announced today, ATB Financial, the Canadian Imperial Bank of Commerce (CIBC), National Bank of Abu Dhabi (NBAD), Reisebank, Santander, UniCredit and UBS have all revealed that they are using the technology, though Ripple said the specific use cases each partner is pursuing varies. In interview, Ripple CEO Chris Larsen sought to position the partnerships as evidence that adoption of the company’s technology is increasing, and that these partners are increasingly serious about using its offerings for real money transfers. Larsen told CoinDesk: “We’ve reached the stage where a significant number of these banks are moving to commercial production….