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PYMNTS examines the latest initiatives that look to improve upon existing rails, or embrace new ones like blockchain and RTP. For some, that means embracing solutions built atop existing rails, or exploring new ones altogether. RTP Expands Across FI Base. Financial institutions (FIs) in the U.S.
In the age of blockchain, all manner of physical assets are making the leap to bits and bytes. Blockchain can track transactions of all sorts and create a connected record — and that blockchain is rapidly cleaving from the cryptocurrency clamor to which it was once inextricably linked. percent pure.
Blockchain is increasingly being separated from cryptocurrency, with an eye toward disparate use cases — some done at the national level. To that end, reports came this week that Germany has put a consultation and commentary period in place that will focus on blockchain, with a goal of having a strategy outlined by the summer, Reuters said.
In the continuing swirl of headlines that seem to blur and blend cryptos, blockchains and developing nations, a number of collaborations between large tech firms, traditional financial institutions (FIs) and FinTech upstarts stood out. That system is called World Wire and is to be run on the Stellar network.
Plus, blockchain projects move closer to launch in the U.S. The company connects banks to the technology so they can offer instant currency exchange across 18 currencies, with the ability to loop into an array of payment rails including SEPA, SEPA INSTANT, CHAPS, ACH, wire and more around the globe. and abroad.
This week, IBM announced a collaboration with Raw Seafoods to develop a blockchain solution to address supply chain fraud in the seafood industry, including cases of incomplete documentation and mislabeling. Fifty-three percent of U.K.
Esser highlighted three key areas with major opportunities for improvement in the credit union market, with CULedger finding blockchain a promising technology to address them. The CUPay solution will initially support EFTs — which include ACH transfers and wires — between credit unions. Payment Rail Agnostic.
“There are statutory country requirements, so technology can really automate that process and make it easier for companies to adopt payment formats.”. That leaves organizations more room to decide exactly how to pay their vendors, via ACH, wire or other rails, by more efficiently connecting into payment networks like SWIFT.
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