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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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....
Spanish banking group Santander has made its first investment into the blockchain, a payment settlement technology that supports Bitcoin. Santander InnoVentures, the bank's $100-million investment vehicle made to support potential FinTech technologies, has invested $4 million into Silicon Valley-based Ripple Labs. The latter is a renowned remittance company which harnesses blockchain technology to simplify money exchange across borders. It has also formed partnerships with some of the world's leading banks - including Commonwealth Bank of Australia and Royal Bank of Scotland - to explore....
Royal Bank of Scotland (RBS) is experimenting with its own in-house cryptocurrency, says the bank's technology chief. RBS is a subsidiary of the Royal Bank of Scotland Group, which also includes NatWest and large Irish commercial bank Ulster Bank. Neil Bellamy, head of technology, media and telecoms, told The Memo that RBS had created, traded and settled its currency between the group's banks. Commenting on the potential of blockchain technology, Bellamy added: "It's a pipe dream, but imagine if you could take a distributed ledger system and put it in a back office and do away with a lot....
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,....
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....