• About us
  • Contact Us
  • Privacy & Policy
CryptoCoinNewsHub.com
No Result
View All Result
Sunday, July 12, 2020
  • Home
  • Live Updates
    • Cryptocurrency Prices
    • Live ICO
    • Live Exchange
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Blockchain
  • Tech
  • Business
  • Trading
CryptoCoinNewsHub.com
  • Home
  • Live Updates
    • Cryptocurrency Prices
    • Live ICO
    • Live Exchange
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Blockchain
  • Tech
  • Business
  • Trading
No Result
View All Result
CryptoCoinNewsHub.com
No Result
View All Result
Home Business

Wells Fargo to Pilot DLT-Based Cross-Border Settlement Platform

September 18, 2019
in Business
2 min read
0
Wells Fargo to Pilot DLT-Based Cross-Border Settlement Platform
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

American financial services company Wells Fargo & Company is planning to launch a pilot of a distributed ledger technology (DLT)-based internal settlement service in 2020.

In a Sept. 17 press release, Wells Fargo described a DLT-based platform designed to perform internal book transfers of international payments within its global network using digitized cash. The company claimed that it has already successfully tested the concept of money transfers between the United States and Canada.

Achievement of nearly real-time money transactions

The impetus for the idea was the realization of nearly real-time money transactions with no impact on the underlying account, transaction postings and reconcilement infrastructure with cross-border transactions. DLT will also ostensibly help the company to eliminate the need for third parties and cut transfer time and transaction costs.

Lisa Frazier, head of the Innovation Group at Wells Fargo, said that the company has seen increased demand for further reduction of friction regarding traditional borders, with DLT being able to aid in the issue. Frazier stated:

“We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”

Transformative power of blockchain

The news comes just a day after a Bank for International Settlements economist Raphael Auer made the case for so-called embedded supervision, which would automatically monitor tokenized markets. Auer argued that DLT and smart contracts can facilitate the development of financial markets through new forms of transparency and data credibility, and eventually exclude middleman-based data verification.

RELATED  Russian Authorities Sign MoU With Maersk to Officially Launch TradeLens in Russia

Earlier in September, information technology service management giant Gartner predicted blockchain’s transformative power for most industries within 10 years. Per Gartner, nearly 18% of banking and investment services CIOs say that they have adopted or plan to employ some form of blockchain technology within the next 12 months. Another 15% plan to do so in the next two years.


Credit: Source link

  • Trending
  • Comments
  • Latest
Perth Mint, InfiGold Launch Gold-Backed Token on Public Blockchain

Perth Mint, InfiGold Launch Gold-Backed Token on Public Blockchain

October 10, 2019
BTC Outflow on BitMEX Exceeded Inflow by $73M: TokenAnalyst

BTC Outflow on BitMEX Exceeded Inflow by $73M: TokenAnalyst

July 21, 2019
Fidelity Joins Blockstream’s New Institutional Bitcoin Mining Service

Fidelity Joins Blockstream’s New Institutional Bitcoin Mining Service

August 9, 2019
Hackers Steal $4 Million Worth of Crypto from Bitrue

Hackers Steal $4 Million Worth of Crypto from Bitrue

June 27, 2019

Confiscated Bitcoins by Tax Agents Remain in a Criminal’s Wallet

February 7, 2020

XRP Beats Ethereum and Bitcoin as the Best Performing Crypto

February 1, 2020

Robin Hood- Problems in more than just Sherwood Forest

January 28, 2020

One Wallet Has 27% of Ether in Old MakerDAO Network

January 26, 2020
CryptoCoinNewsHub.com

CryptoCoinNewsHub.com is an online news portal which aims to provide latest trendy crypto news around the world with real time updates.
Email us hello@cryptocoinnewshub.com

Topics to Cover

  • Bitcoin
  • Blockchain
  • Business
  • Crypto News
  • Ethereum
  • Ripple
  • Tech
  • Trading

Whats New Here!

  • Confiscated Bitcoins by Tax Agents Remain in a Criminal’s Wallet
  • XRP Beats Ethereum and Bitcoin as the Best Performing Crypto
  • Robin Hood- Problems in more than just Sherwood Forest

Subscribe to get more

Simply subscribe to our newsletters and we will be in touch. Don't worry, we won't spam you

© 2019 CryptoCoinNewsHub.com - All rights reserved

No Result
View All Result
  • Home
  • Live Updates
    • Cryptocurrency Prices
    • Live ICO
    • Live Exchange
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Blockchain
  • Tech
  • Business
  • Trading

© 2019 CryptoCoinNewsHub.com - All rights reserved

  • bitcoinBitcoin(BTC)$8,152.26-0.70%
  • ethereumEthereum(ETH)$175.30-1.63%
  • rippleXRP(XRP)$0.252799-0.58%
  • bitcoin-cashBitcoin Cash(BCH)$242.68-2.16%
  • tetherTether(USDT)$1.000.27%
  • litecoinLitecoin(LTC)$55.01-1.92%
  • eosEOS(EOS)$3.11-2.39%
  • binance-coinBinance Coin(BNB)$18.56-2.84%
  • cardanoCardano(ADA)$0.042556-2.10%
  • stellarStellar(XLM)$0.064655-3.04%
  • tronTRON(TRX)$0.016891-2.25%
  • moneroMonero(XMR)$58.64-0.32%
  • neoNEO(NEO)$11.682.51%
  • iotaIOTA(MIOTA)$0.245122-1.96%
  • dashDash(DASH)$65.431.15%
  • nemNEM(XEM)$0.039494-0.75%