Australian ‘Big 4’ Bank Taps Blockchain to Transfer $10 to Canada, in 10 Seconds
The National Australia Bank, one of Australia’s big four banks, successfully completed its first proof-of-concept (PoC) money transfer over a blockchain. The banking brigade buoying blockchain keeps on rolling. Using Ripple’s ledger technology, the National Australia Bank (NAB), successfully transferred an AUD$10 payment from an employee’s account to another banking employee account at the Canadian Imperial Bank of Commerce (CIBC). The NAB, along with Toronto-based CIBC – one of Canada’s ‘big five’ banks and Bank Leumi – Israel’s biggest bank are a part of an alliance that has agreed to....
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The NAB, or National Australian Bank successfully made its first Blockchain transaction of $10 from its home in Australia to Canada. Even though this is a small amount of money, it is a historical moment for the bank which plans to continue developing Blockchain for Fintech uses. The transaction across continents. According to NAB, the transaction was between 2 employee accounts, one from Australia and the other located in Canada. The transaction itself took roughly 10 seconds to complete and is considered Proof-of-Concept to the bank. Jonathan Davey, Executive General Manager of NAB said:....
"Big four" Australian bank, the Commonwealth Bank of Australia (CBA), has announced its plans to integrate Ripple and use the distributed network to transfer funds between its subsidiaries. Speaking during a presentation at a forum organized by the Australian Information Industry Association, David Whiteing, CIO at CBA, said that the bank has been "testing crypto protocols" and is about to "begin a wider experiment with one of our offshore subsidiaries." The purpose, Whiteing continued, is to "explore the benefits of intra-bank transfers using these protocols." "The idea is to test in a....
Instead of taking between two and six business days, the transfers was completed in 20 seconds. This is quite a significant gain in transaction time, and one of the clear examples of how powerful the blockchain is. Blockchain technology is finally transitioning from experiment to usability concept in the financial world. SAP, one of the largest networks in the industry, partnered with ATB Financial, Ripple Labs, and ReiseBank AG to send an international blockchain payment. Transferring funds from Canada to Germany was a breeze, and the cost was minimal compared to traditional means.....
An Australian Blockchain payments company called Living Room of Satoshi has crossed a million-dollar (AUD) milestone in bills and bank transfer payments through its blockchain-based bitcoin payment service. Living Room of Satoshi, named after Bitcoin's pseudonymous creator Satoshi Nakamoto has now surpassed $1 million in bills and bank transfer payments pipelined through its service. The Brisbane-based startup launched in May 2014 and has customers paying for utilities, home and property rent, credit card payments, insurance and even fines. Customers can make payments toward thousands of....
Bank of Canada is seriously looking into blockchain technology. At the same time, the Canadian payment ecosystem is expected to see some changes in the coming months. Speaking of alternative currency and technology associated with it, the bank of Canada is looking into the use of blockchain technology seriously. The new came out recently after the Senior Deputy Governor of the Bank of Canada, Carolyn Wilkins mentioned that the central bank will be making use of the distributed ledger technology to test interbank payments. During the same session, Wilkins also made it clear that the country....