BIS weighs in on central bank digital cryptocurrencies

The Bank for International Settlements (BIS), the international financial institution which is owned by banks, has urged to consider what ‘central bank cryptocurrencies’ (CBCCs) would look like and how they would operate. BIS was set up in order to facilitate international monetary and financial cooperation, and can essentially be thought of as a central bank for central banks. The bank used its latest quarterly update to discuss the effect that the growth of the cryptocurrency market...

FCA partners with banks and R3 to build blockchain prototype

FCA - R3 - RBS - blockchain

The UK’s Financial Conduct Authority (FCA) regulatory body has joined forces with banks and New York software company R3 CEV to develop a blockchain-based application for the regulatory reporting of mortgage transactions. R3, which leads a consortium of around 80 financial institutions trying to bring blockchain to the finance industry, has announced that is developing the prototype with the regulator, the Royal Bank of Scotland Group (RBS) and another global bank that declined to be...

Visa files blockchain-based digital asset network patent

Visa - blockchain patent

The United States Patent and Trade Office (USPTO) has published a patent filed by Visa for a blockchain-based ‘digital asset network’. The announcement follows the company making public its partnership with blockchain enterprise in October 2016. The two companies have been developing a fast and secure way to process global B2B payments. The Visa B2B Connect platform is slated for a 2017 release, which seems to demonstrate a connection between it and the digital asset network...

Six global banks come together to create ‘utility settlement coin’

UBS - utility settlement coin

Six global banking giants have taken a huge step into digital currencies with a joint project to create a digital currency provisionally titled the ‘utility settlement coin’. According to the Financial Times, the group is planning to launch the digital currency next year. Utility settlement coins will be used for clearing and settling financial transactions over blockchain. The six global banks taking part in the project are Barclays, Credit Suisse, Canadian Imperial Bank of Commerce,...

Bankera releases details of its blockchain-based banking solution pre-ICO

Bankera, a provider of a new blockchain-based banking solution, has released some company details in preparation for its initial coin offering (ICO). The company – an operational fork of SpectroCoin, a cryptocurrency exchange, e-wallet, debit card, and payment processor – has developed the solution to offer innovative banking solutions, which will also help reduce the number of counterparties, resulting in lowering the cost of banking for the end consumer. Introduced in early 2017,...

Sally Eaves, Team Blockchain, on how blockchain, IoT and AI complement each other

Blockchain within the Internet of Things (IoT) is a ‘natural fit’, but there are plenty of obstacles which need to be overcome. That’s the verdict of Sally Eaves, of Team Blockchain, an independent group of experts aiming to help organisations make sense of emerging technologies, from blockchain to artificial intelligence (AI) and robotics, as well as create return on investment and improve competitive advantage. Speaking at the Cisco IoT World Forum in May, Don Tapscott, author of...

22 banks join SWIFT blockchain PoC

SWIFT global payment innovation

22 global banks have joined the SWIFT blockchain PoC. The company wants to prove that its global payments innovation (gpi) service will help banks reconcile their international nostro accounts (accounts used to facilitate foreign exchange and trade transactions) in real time. Among the new members are global financial behemoths such as JPMorgan Chase, Lloyds and Standard Chartered bank. Wim Raymaekers, Head of Banking Markets and SWIFT gpi, SWIFT, said: "Collaboration is the cornerstone...

Major European banks select IBM for SME trade finance platform

Consortium of European banks

A consortium of seven of  the largest European banks has selected IBM to build and host a blockchain finance platform aimed at SMEs. Based on IBM Blockchain and Hyperledger Fabric, the purpose of the Digital Trade Solution project is to ‘simplify and facilitate’ cross-border trade for small and medium companies across Europe. The consortium is made up of Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit. By connecting the various parties involved in a...

Are central bank digital currencies on the horizon?

Central Bank Digital Currencies

The IMF has begun to consider the potential for central bank digital currencies (CBDC), as well as the implications of such a move. The latest staff discussion document titled Fintech and Financial Services: Initial Considerations highlights the evolution of cross-border payment technology and its potential to change the way central banks issue currency. In an appendix, the international financial organisations sets about asking why a central bank would want to issue a CBDC, and how they...

Estonian-Swiss cryptobank project Polybius launches ICO

Polybius, a project which bills itself as ‘a financial institution for the next generation’, has launched its crowdfunding ICO. The ICO begun on 31 May 2017 and will continue for five weeks. Investors can buy Polybius investment tokens with cryptocurrencies. These tokens are a smart contract that guarantees the holder a share in the projects profits. So what does a financial institution for the next generation look like? Cryptobank In development for over a year and bringing...