Top US Banks That Experiment With Blockchain To Release Money Transfer App in 2017
Zelle, a money transfer app that is built on a bank-owned payments network to compete with PayPal, Venmo and Square Cash, will be released next year. The app’s network connects 19 U.S. financial firms including the country’s biggest banks such as JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co., and Citi. It will enable users to send money via their phones to recipients who will gain access to the funds immediately. Cyber attacks. The announcement comes few days after cyber attacks, which occurred on the Internet through common devices like webcams and digital....
Related News
Blockchain startup R3 has revealed the completion of a new test that involved a total of 11 banks connected to a peer-to-peer decentralized distributed ledger. The experiment is likely to figure among the earliest examples of multiple banks using a distributed ledger to exchange value, successfully. In a press release today, R3 co-founder Todd McDonald has announced the completion of a distributed ledger experiment where 11 global banks participated in the simulation of exchanging trades and value on an R3-managed distributed ledger. Each bank was connected to a private, R3-managed....
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....
Canada’s central bank, the Bank of Canada, and five other Canadian banks (like a growing number of banks around the world) are experimenting with blockchain technology and a possible digital dollar as the growing demand for digital fintech payment systems puts the squeeze on the traditional banking sector. At a recent IMF/World Bank conference hosted by the U.S. Federal Reserve, an estimated 90 central banks, including the Bank of Canada, came forward to talk about their research into and experiments with distributed ledger technology (DLT), the blockchain and digital currencies. The big....
According to an IBM survey that gathered insights from 200 global banks, 15% of those banks could be running blockchain solutions as early as 2017. While 2016 is the year that has – already – seen blockchain prototypes tested and trialed, 2017 will be the year banks start putting blockchain solutions into implementation, according to a new IBM study. “Hurtling” Toward Blockchain. Released today, the study, “Leading the Pack in Blockchain Banking: Trailblazers Set the Pace”, conducted by IBM Institute for Business Value, summed up the interest in blockchain among the 200 banks it surveyed,....
This May, the city of Istanbul will play host to the International Money Transfer Conference or IMTC EMEA 2015. The conference will be held at the Conrad Istanbul Bosphorus Hotel on May 25-27th 2015, and will bring together all the players dealing in money transfer globally. In recent years, businesses involved in money transfer have come to include a heterogeneous mix of telcos, banks, mobile network operators, as well as the latest kid on the block, Bitcoin remittance startups. Global Remittance - A Growth Industry. IMTC EMEA 2015 to be held in Istanbul, Turkey in May. Global remittance....