R3 Bank Partner Northern Trust Details Four Internal Blockchain Tests
Back in January, Chicago-based asset management firm Northern Trust was part of a group of international financial institutions to complete a blockchain test with the R3CEV banking consortium. The firm, which has $900bn in assets under management, has since gone on to replicate that test for an internal proof-of-concept, and added three new proofs-of-concept to its ongoing body of work centered on the technology. While Justin Chapman, global head of process management for the firm, says the proofs-of-concept are part of a larger effort to meet both internal and customer demands, he....
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Australia's state-owned postal service is now considering several blockchain applications. According to a report by ZDNet, the company is looking at accreditation and e-voting as part of internal blockchain R&D efforts. The Australia Post first divulged details about its blockchain work in March, when CEO Ahmed Fahour discussed uses involving digital identity. Rick Wingfield, a partner for the Australia Post Accelerator unit, told attendees of the Technology in Governance conference last week that he believes the technology could help the government streamline processes that involve....
SWIFT, the Belgian-based cooperative that serves as an intermediary and settlement executor of financial transactions between banks worldwide is planning to experiment with asset tokenization in 2022. In a blog post about the subject, SWIFT notes that it will be working with firms like Clearstream, Northern Trust, and SETL to explore “the feasibility and benefits” of using SWIFT as an interconnector to tokenization platforms.
Financial Intermediary SWIFT to Be Used as a Tokenization Interconnector
The Society for Worldwide Interbank Financial Telecommunication....
State Street is on the verge of putting a significant amount of its workflow on a blockchain. The financial corporation with $2tn in assets under management is now testing 10 early stage blockchain tools that could help automate everything from internal operations to transactions between business and consortia-level multiple-party deals. Thus far, the bank has divided its efforts into three categories, each of which is being built largely independently of the others, bank officials said. But as more and more applications become production-ready, their various functionalities will....
One of Thailand’s leading commercial banks is working with IBM on applying blockchain to certify official documents. Kasikornbank is seeking to cut operational costs related to recordkeeping, according to Reuters. The bank, one of the largest in Thailand, is reportedly looking to officially integrate the document certification service sometime next year. The work reportedly won’t stop with internal applications, however. Kasikornbank is said to be in discussions with other banks in Thailand, with the hope of establishing collaborative efforts that could see members of the country’s....
Russia’s Central Bank is testing Blockchain technology with selected partner banks via a new consortium – but it will not involve the previously-touted “Russian Bitcoin.” Russia’s Central Bank Tests ‘Cryptotechnology’. At the International Finance Congress June 3-4 in St. Petersburg, deputy governor Olga Skorobogatova said that a new “consortium” was to....