Accounting giant Deloitte has sought to put itself in a leading position in the business world’s race to tap the potential of blockchain technology. The firm is known to be in the process of creating twenty prototype technologies based on blockchain in varied fields from digital identity to the tracking of expensive art.
The latest Deloitte project to be revealed is a full integration with the Ripple protocol and the Temenos Core Banking Software. Temenos is used by over a thousand financial institutions around the world including the majority of the biggest global banks.
“There is an enormous potential for banks to leverage disruptive technologies to make their existing payment processes faster, cheaper, and more secure. Innovative financial institutions are aware of this and are looking for ways to integrate their core systems with disruptive technologies such as distributed ledgers or blockchain,” explained Patrick Laurent, Partner and Technology Leader at Deloitte
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Deloitte worked on this integration project with Bluzelle – a blockchain software developer based in Canada and Singapore – which provided its Altitude Gateway technology.
The firms explain that the overall objective of the Ripple integration is to enable financial institutions to send payments, either in local or foreign currency, in real-time without relying on intermediary banking relationships. This promises to dramatically change the way international payments are being managed and processed, as Ripple technology reduces fees, transaction times, and the need for liquidity.
“Banks have undergone an important technological transformation over the past years. We are now seeing a disrupted marketplace with new market entrants and an array of innovative technologies. The new-generation customer is now driving change in banking and soon he will no longer accept to wait for three days for an international payment to go through,” says Patrick Laurent.
“This integration is a great translation of our strategy to make blockchain real for our clients. Connecting the right blockchain-based solutions to core platforms is critical to harvest the benefits of distributed ledgers to generate cost efficiencies and new business opportunities,” concludes Eric Piscini, Deloitte Global Blockchain Leader.