After a lot of pressure from the developer community, Safaricom has announced it will be releasing the MPESA API. The MPESA API platform comes as a result of a recent upgrade that Safaricom conducted on its MPESA platform. The old system, which the company described as G1, could only handle payments through what is known as Instant Payment Notification or IPN. To enable IPN the system had to create a number of workarounds to automate the payments. However, with the new system known as G2, they have solved this issue. G2 does much more. As the use of MPESA has grown, so has the potential uses for the technology, such that no serious institution in Kenya can do business without integrating MPESA into their customer relationship model. Due to the growth it is now…
UBS is working on a block chain based “settlement coin” that financial institutions will use, according to The Wall Street Journal. Unlike bitcoin, the UBS “utility settlement coin” would link to real-world currencies and central bank accounts. Oliver Bussmann Oliver Bussmann, CIO of Switzerland-based UBS, said the coin will help establish the block chain in global finance. The currency, being developed with Clearmatics, a London-based firm that makes clearing machines for OTC markets, could reduce transaction settlement times. The coin could reduce settlement time from two or three days to a matter of seconds. UBS’ new cryptocurrency lab in London is leading the initiative, according to Financial News, a London-based newspaper. Bank Will Use The Coin With Market…
“We’ve now got over 45 experiments our businesses want to do [with Blockchain tech],” said Barclays Chief Design and Digital Officer Derek White during his conversation with Business Insider. It was recently reported that the major financial institution will let charities accept Bitcoin, however, this is just one of the many uses that the bank is contemplating with Bitcoin and the underlying blockchain technology. Derek is interested in the open ledger blockchain technology because anyone can theoretically see all the transactions and maintain a high level of transparency. In addition to this, the disruptive force is also a low-cost option to transfer money, and that is what’s drawing the attention of several leading banks such as UBS, Barclays and many others….
Swiss banking giant UBS is working on a project which has the potential to put the limelight on the blockchain technology. As per a news report, the project is being termed as the “utility settlement coin.” For the said project, which is still in the nascent stages, the banking major also aspires to build an alliance around it. At present, the work on the coin is being undertaken at a Bitcoin lab in London, and the idea is to use this coin for transactions. What makes the fate of other cryptocurrencies, such as the Bitcoin, also bright is that the technology behind the UBS’ coin will be the same as the Bitcoin, i.e. blockchain. The ‘proposed’ digital token would be directly linked to the real currencies and will also be connected to the central bank…
Bitcoin startup Bitreserve today appealed for votes for a fireside chat entitled, “Beyond Banks: The future of a Fully Banked World!”. The votes are needed within 72 hours as the SXSW PanelPicker is about to close down after which the votes won’t be considered. In the proposed session, CEO of Bitreserve Anthony Watson will be seen teaming up with TechCrunch senior editor Jonathan Shieber to speak on how the new age technologies and fintech startups are working towards shaking up the traditional set-ups. The session will address and cover the following points: How Bitcoin companies such as Bitreserve are challenging banking systems. How the fintech companies are helping in reaching out to those marginalized sections that need benefits such as savings,…