Nasdaq, Inc. (Nasdaq:NDAQ) and Citi (NYSE: C) Treasury and Trade Solutions have announced a new integrated payment solution that enables straight through payment processing and automates reconciliation using blockchain technology. It leverages Chain’s blockchain infrastructure platform.
The developers said that a number of payment transactions have already been concluded including Citi’s automated processing of cross-border payments via a link between the CitiConnect for Blockchain connectivity platform and the Linq Platform powered by the Nasdaq Financial Framework.
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“This new payment capability marks a milestone in the global financial sector and represents an important moment in the commercial application of blockchain technology,” said Adena Friedman, CEO, Nasdaq. “Through this effective integration of blockchain technology and global financial systems, we can realize greater operational transparency and ease of reconciliation, which can have profound implications for outdated administrative functions in the capital markets. We are excited about this accomplishment in collaboration with our partners, Citi and Chain, and are looking forward to continuing our work together to scale this offering.”
Naveed Sultan, Citi’s Global Head of Treasury and Trade Solutions Group said, “CitiConnect for Blockchain provides a crucial bridge between blockchain platforms and Citi’s global financial network. Our partnership with Nasdaq showcases Citi’s client-centric approach to innovation and is an example of how we actively engage with our clients to co-create innovative, leading and differentiated solutions for the global market.”
“Chain is delighted that our technology is supporting this industry leading network. Through this effort, we have seen firsthand that Citi and Nasdaq are pioneers, successfully leveraging breakthrough technology in order to enable world-class solutions for their clients” said Adam Ludwin, CEO of Chain.