Economy

Two different financial platforms, new ways to migrate to Cloud — IBM roundup

Two different financial platforms, new ways to migrate to Cloud — IBM roundup

A Blockchain solution is highly secure and can reduce the transaction costs associated with such cross-border payments and also provides the flexibility and transparency to banks.

Several worldwide banks have already partnered with IBM for this solution which includes Wizdraw (KH) of WorldCom Finance, TD Bank, Rizal Commercial Banking Corp. of Philippines, National Australia Bank, Bank Rakayat Indonesia, Mizuho Financial Group, Banco Bilbao Vizcaya Argentaria, Kasikornbank Thailand, Bank Negara Indonesia, Danamon Indonesia, Sumitomo Mitsui Financial Group and several others.

IBM is using blockchain technologies to help businesses receive payments faster, with lower overheads compared to traditional transfers.

Big Blue is working with KlickEx, a cross-border payments system delivering financial infrastructure for emerging markets, and Stellar, a non-profit building an open source blockchain network for financial services on the new system, which uses IBM DLT technology to provide clearing and settlement of trades on a single network in real time. IBM has more than 1,600 employees working in the Blockchain and distributed ledger technology across all sectors.

The technology is already in production supporting transactions in 12 currency corridors across the Pacific Islands and Australia, New Zealand and the United Kingdom.

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"Blockchain presents a tremendous opportunity to transform and enhance payment systems, enabling us to continue to evolve the products and services we can offer", said Rizwan Khalfan, EVP and Chief Digital and Payments Officer, TD Bank-one of several banks across the region invited to join the network from early 2018.

In an example to this IBM said; that farmer residing in Samoa may quickly be able to contract a buyer staying in Indonesia, and using the BlockChain it can record everything right from farmer's collateral to the payments to letters of credit. The solution is expected handle nearly 60% of the cross-border payments from the retail industries across the South Pacific by 2018 and will expand further.

The new banking solution is being implemented from the IBM Blockchain Platform on Hyperledger Fabric, which was developed in partnership with Stellar.org and KlickEx Group.

Commercial banks such as Banco Bilbao Vizcaya Argentaria, Bank Danamon Indonesia, Bank Mandiri, Bank Negara Indonesia, Bank Permata, Bank Rakyat Indonesia, Kasikornbank Thailand, Mizuho Financial Group, National Australia Bank, Rizal Commercial Banking Corp. The blockchain will allow direct payments between two parties in any currency with maintaining security.


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