Blockchain Proven to be Faster Than Wire Transfers in Banking Payment Test
Bitcoin and its revolutionary Blockchain technology have many advantages over the status quo. This ranges from better security, lower costs and superior inclusion. Another advantage is the speed of transactions, as the legacy banking system has been using the wire transfer method for generations. Now, results from a test run by a group of banking interests in Japan have revealed that Bitcoin’s Blockchain technology is more than ready to drag the current monetary transfer system into the 21st century. According to the Asian Nikkei Review, the unnamed “megabanks,” the Deloitte Tohmatsu....
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In April, Bitcoin Magazine reported that global payment provider Align Commerce launched a public beta of its payments platform, the first in the industry to use the Bitcoin blockchain transparently to enable faster and cheaper global payments. Transactions appear as traditional payments at both the sending and the receiving end, but Align Commerce pipes the transfer through the blockchain instead of using several intermediate banking relays, halving both time and cost of traditional international wire transfers. Now Align Commerce announced that it has raised a $12.5 million Series A....
According to a report published by the Bank of International Settlements (BIS) and a group of central banks, digital currencies can lead to faster settlement and cheaper transfers. Moreover, the banking group leveraged a prototype that shows how money transfers can be done in seconds with very little processing fees.
Inexpensive Transfers & Speed: Bank of International Settlements Report Says Digital Currencies Can Be More Effective
During the second week of September, the head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, explained....
Six weeks after Swedish-based bitcoin exchange Safello announced rapid 'Faster Payments' deposits for UK customers, its banking partner has withdrawn its services and will close its accounts as of tomorrow. Safello, which received the 14-day closure notice from the undisclosed UK bank on 13th January, said: "there was no base for the decision to shut our accounts down. Nor were we unclear in our communication towards the UK bank prior to getting our accounts approved". Frank Schuil, Safello's CEO and co-founder, told CoinDesk that the exchange will continue to support international wire....
Alpharetta, Georgia-based CampBX today announced some unfortunate news on the front of ACH and wire transfers for users looking to both deposit and withdraw funds from the bitcoin exchange. The exchange's banking partner has jumped ship "due to regulatory uncertainty and recent spate of negative news for Bitcoins," according to a statement posted on the service's website. CampBX states that all withdrawal transfers not yet processed will be refunded to user accounts by 5pm Eastern time on Saturday, Feb. 1st. "All USD and BTC balances are accounted for," the company states, seemingly in....
Safello, one of the more popular European Bitcoin exchanges, is expanding their vast array of payment options for UK customers. As the United Kingdom is proving to hold a big customer base for people looking to both buy and sell bitcoin, European exchanges have to adapt to the growing demand. Offering faster payment methods is an important step in the right direction, which will in turn help with bitcoin adoption in the UK. Bitcoin enthusiasts from the United Kingdom previously could only buy and sell bitcoin through either SEPA transfer or international bank transfer, which takes several....