Multinational financial services firm Visa will be conducting a bank-to-bank test transactions as it prepares for a commercial launch of Visa B2B Connect. The banks that are participating in the trial include Commerce Bank in the US, South Korea’s Shinhan Bank, Union Bank of the Philippines,
A group of trading houses, integrated energy companies, and banks have joined forces to create a blockchain-based digital platform that intends to modernize and transform energy commodities trading.
The consortium participants are companies from energy majors BP, Shell and Statoil; trading houses Gunvor,
SBM is the second-largest bank in Mauritius with a market share of about 25% of domestic banking assets.
Finastra, R3 and seven major banks are working together to create a distributed ledger technology (DLT) platform for the syndicated loan market. It is expected to launch next year. The participating banks include BNP Paribas, BNY Mellon, HSBC, ING, and State Street.
Martin Wildberger, Royal Bank of Canada executive vice president for innovation and technology, said the bank is currently experimenting with blockchain technology to help move payments between its US and Canadian banks.
Wildberger said use of distributed ledger technology (DLT) would improve the speed of payments,
Japanese IT firm Fujitsu has announced that the Japanese Bankers Association (JBA) will employ its cloud service-based blockchain platform. JBA plans to offer the blockchain platform to its member banks and other institutions starting from October.
A group of major banks and tech companies, including Microsoft, Intel and JP Morgan, have partnered to develop a financial technology based on the digital currency network Ethereum.
The Enterprise Ethereum Alliance (EEA) will work to enhance the privacy,
China Merchants Bank has implemented distributed ledger technology for efficient settlements and communication between branches.
CMB’s new blockchain system has shown its high efficiency where the decentralized system decreases information transmission time from its usual 6 minutes to within seconds. It has also shown high security where it is difficult to mutate the information that is recorded on a closed private chain.
Sumitomo Mitsui, Mizuho Financial Group and Dai-ichi Life Insurance Company have joined a $1.75 million funding round for Japan’s biggest bitcoin exchange, bitFlyer.
The Nikkei report explains that BitFlyer’s experience could help Japanese banks provide more secure and cheaper international wire transfers,