Payments News

On The Web

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Providers

LocalGlobe and TransferWise’s Taavet Hinrikus back ‘frictionless finance’ startup Radix

“Radix , a U.K. startup that’s building a decentralised finance protocol on which new financial apps can connect and be built on top of, has raised $4.1 million in new funding. Backing the company, which counts the Ethereum network and a number of other “DeFi” projects as competitors, is London-based seed-stage VC LocalGlobe and TransferWise […]
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Tech

National Payments Corporation of India Unveils Blockchain Platform for Automated Payment, Clearing and Settlement – TokenPost

“Called Vajra Platform, the distributed ledger technology (DLT)-based system has been designed or automating payment clearing and settlement processes of NPCI products. It is essentially a permissioned network, meaning that only those parties that have been approved by the Network Administrator can be a part of the network.”
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Tech

ING Bank, R3 Ink Deal for ‘Unlimited’ Corda Blockchain Deployment

“R3 announced Tuesday that the deal will provide ING with an “unlimited” number of licenses for the Corda platform, allowing the bank to deploy its blockchain tech and “production-ready” CorDapps (or Corda Distributed Applications) across its international business operations. CorDapps cover various financial services activities, including trade finance, identity, insurance and capital markets, according to the announcement.”
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Tech

HSBC Settled Over $250bn Using DLT Technology in 2018

“HSBC, one of the world’s largest bank institutions, has revealed that throughout 2018 it settle more than $250 billion in transactions using distributed ledger technology (DLT).  In a press release, the bank stated that it had been using it’s “FX Everywhere” platform in order to complete over 3 million foreign exchange (FX) transactions and made an additional 150,000 […]
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Tech

Singapore Exchange and regulator in cross-DLT settlement breakthrough

“The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) have developed delivery versus payment (DvP) capabilities for the settlement of tokenised assets across different blockchain platforms. As reported in August, the pair signed a collaboration to develop this DvP. Anquan, Deloitte and Nasdaq were appointed as technology partners for this project. It was one […]
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Providers

IBM And FX Giant CLS Team Up To Launch Blockchain App Store For Banks

“Even private and permissioned blockchains need to build ecosystems and achieve network effects, just like their permissionless, public counterparts. At least, that’s the thinking behind LedgerConnect, a financial blockchain “app store” that aims to make it easier for banks to access distributed ledger technology (DLT) solutions from fintech and software providers, and for those vendors […]
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Global

Hong Kong Regulator, Banks Launch Blockchain-based Trade Finance Platform

“Hong Kong’s banking regulator and seven banks, including HSBC Holdings PLC and Standard Chartered PLC, on Tuesday said they will jointly launch a trade finance platform in September using blockchain technology.The platform will be one of the largest examples globally of a government-led, cross-bank effort to reform the multi-billion dollar trade finance sector using the […]

On The Wires

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Standards

ASC X9 Issues First Blockchain Terminology Standard

“Today the Accredited Standards Committee X9 Inc. ( X9 ) announced the publication of X9.138 — Distributed Ledger Technologies Terminology, a much-needed standardized glossary of the most important common terms and definitions used with distributed ledger technology (DLT). The highest-profile example of DLT is bitcoin. The new standard is available for download at no charge.”
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Domains

FIS Integrates Into Visa B2B Connect Platform

“Visa Inc. and FIS are joining forces to enable FIS’ commercial financial institution clients to quickly and securely access the Visa B2B Connect platform globally. Visa B2B Connect will be available to FIS’ customers who are looking for an innovative, fast and transparent way to process high-value corporate, cross-border payments.  Visa B2B Connect is a distributed-ledger […]