As declared in By Ana Alexandre Bank of England to Rebuild Settlement System to Interface with Blockchain Platforms28468 Total views 443 Total sharesNewsThe Bank of England is planning to rebuild its Real Time Gross Settlement (RTGS) system so that it can interface with private business and platforms using distributed ledger technology (DLT), the bank's Governor Mark Carney announced in a speech June 21. Speaking at Mansion House in London, Carney said that the bank will conduct an "ambitious rebuild" of its RTGS system, which is, according to him, the backbone of every payment in the U.K. RTGS is a system generally used to transfer large volumes of funds between banks. The bank is looking to reorganize the existing RTGS so that private payment platforms could plug in directly to the bank's system. The central authority would have the power to issue and retire new units of assets and grant access permissions to all participants. No party other than the regulator would be able to infer details about transactions they are not party to.
Spanish Bank Group to Develop Blockchain Platform to Identify Clients
By Ana Berman Spanish Bank Group to Develop Blockchain Platform to Identify Clients11521 Total views 316 Total sharesNewsMajor Spanish banking consortium Niuron announced they are developing a blockchain platform for client digital identification verification, EuropaPress reports Monday, June 18. Niuron believes that the new blockchain platform will improve the speed of operations, reduce fraud, and prevent money laundering. The platform will reportedly benefit clients in that it will decrease the time required for the registration process and provide clients with more control over their personal data. Once the platform is completed, clients' data will be shared between different banks and financial institutions. While ostensibly simplifying digital identification, it will also comply with recent EU General Data Protection Regulation (GDPR) rules and modern security standards.
Spain: BBVA Bank and Energy Co. Repsol Partner to Develop Blockchain Financial Solutions
As mentioned in By Ana Alexandre Spain: BBVA Bank and Energy Co. Repsol Partner to Develop Blockchain Financial Solutions11126 Total views 209 Total sharesNewsMajor Spanish banking group BBVA and Spanish energy company Repsol have signed an agreement to develop blockchain-based solutions for corporate banking, according to an announcement published June 20. The product by BBVA and Repsol was developed using multiple different blockchain technologies, namely Hyperledger and the Ethereum test network. Nuria Ávalos, the head of Blockchain and Digital Experimentation at Repsol, commented on the collaboration:"Repsol wants to actively take part in collaborative environments. The latest solution is reportedly an evolution of the platform designed by BBVA for conducting the entire loan process using blockchain, from negotiation of terms to signing. In April, BBVA became the first global bank to issue a corporate loan, worth €75 mln ($86 mln), using distributed ledger technology (DLT), of which blockchain is one type.
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