Technology provider D+H, whose client base is financial institutions, has integrated blockchain distributed ledger technology into its global payments platform.
The group said the blockchain solution – built as an extension of its Global PAYplus services platform – means that banks using its service can now access distributed ledgers to connect networks, move money in real time and improve access to liquidity.
D+H is now in ‘active discussions’ with banks about implementing the technology to manage their payments. The new feature is an extension to its core payments hub, which enables financial organisations to manage high and low value, mass and immediate payments across multiple currencies and borders.
“This milestone demonstrates that D+H’s payment hub technology is adaptable to blockchain technology and can integrate this technology to meet evolving peer-to-peer [P2P] client payment needs,” the group added.
Lauded by some as the most important tech shift since the invention of the internet, blockchain is a distributed digital ledger system most commonly known as the technology underpinning crypto currency bitcoin. Earlier this week, France’s BNP Paribas announced that it had explored blockchain’s potential to transform its transaction banking activities via a ‘blockchain bizhackathon’
“D+H has made significant investments in blockchain and distributed ledger innovation, and will continue to explore new use cases and partner with players like Ripple to pursue other opportunities,” said the group’s executive vice-president (EVP) global pre-sales, Moti Porath.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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