Government-backed Luxembourg firm and Cambridge Blockchain launch identity solution

European Trust Services provider LuxTrust and US-based digital identity enterprise software company, Cambridge have announced a new European identity platform. The platform is aims to provide businesses and consumers a secure way to exchange and manage personal data while fully complying with the incoming EU GDPR set of regulations. Among the platform’s features are rapid onboarding and ‘know-your-customer checks’ for financial service providers. The platform will use a broad range...

AI and blockchain collide to streamline bank customer identification

Indian fintech company Signzy Technologies is combining IBM’s AI and blockchain offerings to develop a platform that speeds up the identity verification process used by financial institutions. The company claims the platform, which utilises both IBM Watson and IBM Blockchian, will cut the verification process by 80%, improve compliance with regulations and reduce fraud. The platform looks to automate assessments that are currently performed by people. In the case of Indian banks, this...

Bank of England opens potential blockchain payments method

The Bank of England (BOE) is looking at options for the basis of a new payment system that will deliver a ‘resilient, flexible and innovative sterling system.’ The current real-time gross settlement (RTGS) is at the heart of the UK’s payment infrastructure. It is where financial institutions hold their sterling bank accounts. On an average day, the system settles around £500 billion between banks. The BOE believe that a new RTGS is needed to respond to the changing structure of...

World Bank supporting Kenyan blockchain bonds trial

The World Bank will be exploring if blockchain technology can be used to help the Kenyan government raise money. In a recently published report the global financial institution lists the development objective of the projects: “…to strengthen the legal, regulatory and institutional environment for improved financial stability, access to and provision of, affordable and long term financing.” Among the key parts of the research project involves supporting market research relating...

Humaniq and Deloitte join forces

Blockchain technology startup has announced that it is joining forces with global auditing ginat Deloitte. The partnership aims to ‘help establish sustainable and structured operations to enable more financial inclusion, justice and strong institutions on a global scale.’ Humaniq states that its mission is to provide financial inclusion products and services to the 2 billion unbanked individuals across the globe. The startup looks to release its blockchain-powered services in Africa,...

BNP Paribas uses blockchain for fund distribution platform

A subsidiary of French bank BNP Paribas has announced that it is looking to leverage blockchain tech for a fund distribution platform it is developing. The project is in collaboration with AXA IM, one of Europe’s largest fund managers, and BNP Paribas Securities Services. The BNP Paribas Fund Link will look to simplify and streamline the fund distribution process by ‘facilitating the flow of information between fund managers and sellers’. The system will be underpinned by...

Syndicated loan blockchain solution successfully demonstrated

The first blockchain solution for syndicated loan servicing has been successfully demonstrated by Synaps Loans LLC. R3’s lab and research centre manged the proof-of-concept testing, while Credit Suisse helped arrange the participation of key agent banks and fund managers. The solution uses Symbiont’s smart contract technology and Ipreo’s business process solution to speed up load trade settlement. Participating firms included Barclays, Royal Bank of Scotland, Scotiabank and...

Humaniq launches alpha version of mobile banking app

Blockchain based banking project Humaniq has released an initial version of its mobile app which aims to tackle the global financial exclusion of some of the world’s poorest communities. The company, which recently opened offices in London, is initially releasing the app to 1,000 invited people. Humaniq CEO Alex Fork explained the move: “Launching the app serves two big functions – it lets investors see the service in action and it gives us the data we need to start fine-tuning and...

Enterprise Ethereum Alliance launched with Microsoft, Intel, Accenture at forefront

Microsoft, Intel and Accenture are among the companies which have formed the Enterprise Ethereum Alliance, a body which aims to further advance blockchain technology. BP, J.P. Morgan, Wipro are also part of the alliance, which aims to connect Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts. All these companies together will learn from and build upon the only smart contract supporting blockchain currently running in real-world...

New report argues blockchain could present unique challenges for financial institutions

Corporate Insight has released a new report titled ‘Blockchain Solutions and the Future of Finance’ in which it has evaluated the near- and long-term potential of the blockchain technology to improve transaction efficiency, firm profitability and customer experience. The study identifies major trends affecting blockchain implementation, profiles organisations that are creating blockchain solutions for financial services, and illustrates potential use cases for the technology including...