Using the Blockchain for Inter-Bank Transfers
Current inter-bank transfers can take up to three days, so can seem snail-paced in our increasingly digitised world, but the need to move money across borders isn’t going away.
For many customers, sending money home is a lifeline; for banks, the process can be slow, expensive and inconvenient.
By using distributed ledgers, banks no longer need to consign funds to limbo, as they can settle in near real-time, reducing operational overheads and improving customer satisfaction.
Temenos MarketPlace provider, Bluzelle’s Altitude uses Blockchain to enable settlement of all payments between parties in under 10 seconds, speeding up transaction processing, eliminating errors that can occur through wire transfers, reducing the costs of transactions and opening up banks to new currency trading opportunities.
Bluzelle’s Pavel Bains said: “We feel MarketPlace offers a great channel to meet new clients interested in adopting Blockchain in their day-to-day business operations. Our Marketplace page provides potential customers access to all the resources they might need to help them understand Altitude and connect with us for a demo”
Aaron Phethean. Temenos Product Director added “With more and more Banks leveraging the Blockchain to reduce operational friction, Altitude is a great way for our customers to stay ahead of the curve while keeping R&D costs low. Altitude enables a Bank to embrace bleeding edge technology, with a tried and tested solutions provider, resulting in better customer service at better margins.”
For more information and to request a product demo, visit the Temenos MarketPlace.