International Payments Service Caxton Adopts Blockchain Technology

Caxton, a UK-based foreign exchange, international Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and prepaid card provider, has just announced that it has adopted Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology to provide its clients with cheaper, faster and more secure payments by providing trusted and regulated currencies and banking systems. It has done this by attaching a private blockchain overlay to its banking platform.

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The firm says that this will be particularly helpful to e-commerce businesses looking to execute payments in multiple currencies, app developers in need of a regulated partner to handle their transactions, or a bank that needs an out-of the box multicurrency bank platform.

Rupert Lee-Browne, founder and CEO, Caxton, commented: “There’s so much talk in the industry about the benefits of blockchain, but so little of it is accessible to businesses today. It seems that you’ve either got to trust in cryptocurrencies or wait until a mega-deal is struck between the major banks. Both of which could take decades to come into fruition.

Therefore we’re incredibly excited to offer our clients the opportunity to plug into our multi-currency banking system directly via a private blockchain.”

Russell Stather, CTO of Caxton, added: “This offer will be particularly exciting for our client’s CTOs. This technology strips out the need for an API, meaning everything is under their control. There’s no need for them to waste time and money, installing and maintaining an API.”