Royal Bank of Scotland Taps Ripple Labs in Tech Revamp

Royal Bank of Scotland Taps Ripple Labs in Tech Revamp

The Royal Bank of Scotland (RBS) is working in tandem with Ripple Labs in its 3.5 billion GBP technological revamp. In particular, the London bank is looking into the proof-of-concept technology offered by Ripple in order to prevent IT failures from losing transaction records. This was announced by the bank's administrative officer Simon McNamara during a webinar, following a technological glitch that caused 600,000 payments to disappear. RBS said the affected payments to and from customers' accounts would be made by Saturday at the latest, as account holders bombarded the bank with....


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RBS Trials Ripple as Part of £3.5 Billion Tech Revamp

The Royal Bank of Scotland (RBS) is undertaking a proof-of-concept with Ripple technology as part of its £3.5bn technological revamp. Chief administrative officer Simon McNamara announced the initiative during a webinar on the bank's three-year transformation plan last Thursday, just one day after a glitch which caused 600,000 payments to go missing. The banking group, which has been plagued by a series of IT failures across its four brands, RBS, Natwest, Ulster Bank and Coutts, is now looking to boost its image as an 'innovation leader'. Ripple is one of 24 other initiatives listed at the....

Santander InnoVentures Pumps $4 Million into Ripple Labs' Funding Round

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Royal Bank of Scotland Trialing In-House Cryptocurrency

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All of this goes to show the global financial ecosystem is primed for an even bigger collapse. Stress tests are being conducted to ensure banks are capable of averting a new economic shockwave. Over in the United Kingdom, several banks are struggling to meet the criteria. In fact, the Royal Bank of Scotland failed the test completely, despite receiving a major bailout by taxpayers eight years ago. Every since the financial crisis took place, the bank has not learned much from prior mistakes. Things are not looking all that positive for the Royal Bank of Scotland right now.Eight years ago,....

Royal Bank of Scotland Ahead in Race to the Blockchain

The UK’s Royal Bank of Scotland has announced it could take a blockchain-inspired service “to market” in 2016. The move, which would focus on “the fringes of payments,” comes following the bank’s involvement in setting up blockchain focus group R3 consortium with other UK banks in September. RBS spokesman John Lyons commented further to Computer Weekly on the project and R3 setup: “Like most people, we’re in the ‘learn and explore’ phase with blockchain [...] Distributed ledger and blockchain requires a number of parties to be involved. Being involved in contributing to the development of....