Expertus Technologies, the Montreal, Canada-based financial technology (fintech) company is partnering with financial settlement software specialist Ripple in a pilot programme for financial Institutions (FIs) that want to test the capabilities of blockchain and Ripple distributed financial technology.
The pilot, says Expertus “offers FIs a lean way to test blockchain technology with minimal business process disruption and integration effort. The solution can be integrated into the bank’s existing payments infrastructure without the need for any changes.
“The combination of Expertus Payment Platform with Ripple distributed ledger will enable FIs to offer their clients real-time payment execution, complete transparency into fees and lower costs. The solution also enhances liquidity management for banks and their corporate customers and paves the way for global payment netting and settlement.”
“By providing this pilot program, we intend to help FIs move fast in the assessment of this new technology without the operational risk of a large-scale IT overhaul,” said Jacques Leblanc, president of Expertus. ”Several banks have already joined the program and have realized the benefits of blockchain.”
“Joining forces with partners like Expertus allows us to make it even easier for banks and their customers to realise the benefits of distributed financial technology,” added Steve Mollenkamp, head of channel sales at Ripple. “The newly launched pilot programme will contribute to the growth of the Ripple network, enabling even more financial institutions to improve their cross-border payments.”
The Expertus-Ripple enabled solution will be showcased at EBAday forum from June 7-8 in Milan, Italy, and at the Canadian Payments Panorama conference from June 15-17 in Calgary, Alberta.
A study of consumers across 20 countries found only three where more than half those surveyed trusted merchants’ ability to protect their data.
Companies have only a limited time to complete their preparations before the UK departs the EU, warns Marsh executive Mark Weil.
The bank and the International Financial Corporation are continuing the eight years old trade finance partnership with a further investment.
Although the EU’s Markets in Financial Instruments Directive (MiFID II) is now better understood by asset management firms, too many grey areas still surround the regulation, claims Linedata.