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R3 CEV blockchain consortium raises $107 million from members
Financial and technology companies led by Bank of America,SBI Holdings, HSBC, Intel and Temasek Holdings have invested $107 million in R3 CEV which runs a big bank consortium seeking to develop blockchain technology. Despite some high profile leavers in the last few months like JP Morgan, over 40 institutions from more than 15 countries participated in [...]
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TransferWise to offer cost effective cross-border bank accounts
TransferWise has extended its offering by launching a new service that takes it into the realms of looking more like a bank. For the first time, TransferWise will hold money on deposit for its customers and provide them with bank account numbers in several countries. The London-based company also plans to supply customers with debit cards to spend their [...]
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25% drop in global correspondent banking relationships linked to de-risking
Recent correspondent banking research has revealed that between 2009 and 2016, correspondent banking relationships, where one financial institution provides services on behalf of another in a different location to facilitate cross-border payments, have reduced globally by 25%. This comes despite the fact that global GDP per capita grew during the same period, following the 2008 [...]
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Why did JPMorgan leaves blockchain consortium R3?
The news that JPMorgan Chase left the R3 blockchain consortium speaks to the challenges ahead for any consortium whose aim is to get multiple financial institutions to agree on a shared technology set. “This just shows the experimental stage blockchain and distributed ledger technology is at right now,” observed Chris Skinner, chairman of the Financial Services Club, a [...]
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BBVA complete blockchain based money transfer pilot with Ripple
BBVA just completed the first real-life implementation of an international money transfer using Ripple’s new Distributed Ledger Technology (DLT). The transaction, running on BBVA infrastructures with real money, successfully completed transfers between Spain and Mexico in a matter of seconds. Currently, transfers between countries take up to four days to clear. The use of disruptive [...]
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