Blockchain technology is now the hottest trend to claim to be exploring in the world of banking, but established institutions still have a long way to go before they actually apply it. A new solution from Expertus and Ripple hopes to help banks bridge this gap by offering a testing service with minimal process disruption and integration efforts.
The two firms say that the combination of Expertus Payment Platform with the Ripple distributed ledger will enable financial institutions to offer their clients real-time payment execution, complete transparency into fees and lower costs. The solution is also said to enhance liquidity management for banks and their corporate customers and paves the way for global payment netting and settlement.
”By providing this pilot program, we intend to help financial institutions move fast in the assessment of this new technology without the operational risk of a large-scale IT overhaul,” says Jacques Leblanc, president of Expertus. ”Several banks have already joined the program and have realized the benefits of blockchain.”
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“Joining forces with partners like Expertus allows us to make it even easier for banks and their customers to realize the benefits of distributed financial technology,” says Steve Mollenkamp, Head of Channel Sales at Ripple. “The newly launched pilot program will contribute to the growth of the Ripple network, enabling even more financial institutions to improve their cross-border payments.”
Last month accounting giant Deloitte revealed its project for full integration with the Ripple protocol and the Temenos Core Banking Software which is used by over a thousand financial institutions around the world.