Rabobank and D+H Execute Successful Blockchain Proof of Concept

318

Get Blockchain News Where You Are!

Join our Linked in Group Like our Facebook Page
Linkedin Group Blockchain Linkedin Facebook Group

Share with:


DH Corporation ,  a leading provider of technology solutions to financial institutions globally, and Rabobank today announced the execution of a proof of concept that has shown that D+H’s payments services hub, together with Coin Sciences’ multichain Blockchain solution, is able to execute cross-border payments in near real-time for the bank, using distributed ledger/Blockchain technology.

The solution has been proven to successfully address three key areas:

  1. Immediacy – The ability to complete end-to-end transactions in near-real-time.
  2. Reachability – The ability to send funds to any of the bank’s closed user group members.
  3. Probability – The ability for both payer and payee bank to agree to the payment before it is committed, preventing non-settlements or rejections after payment processing.

Rabobank has been investigating Blockchain since 2014 and sees this technology as a game changer for many financial use cases. In addition to cross-border payments, the bank is investigating the use of Blockchain for other ongoing projects, including payments through the Internet of Things, Know-Your-Customer registration, trade finance documents, and more. Rabobank is a partner of Blockchain accelerator Nexuslab, and works together with startups and corporates to find new business models to ultimately improve its customers’ experience.

“Rabobank has been able to validate the processing of Blockchain payments in its own environment,” says Heimen Schuring, Head of Channel Support & Payment Engine, Rabobank. “We have seen meaningful results that tell us that further exploration of Blockchain functionality is worthwhile.”

When D+H announced that its payment hub solution was adaptable to Blockchain technology in February 2016, it became the first technology vendor to apply distributed ledger technology to a global payments services hub. Financial institutions using D+H’s payments hub will be able to utilize a secure, closed loop distributed ledger system to connect bank networks, move money in near real-time, and improve access to liquidity. Using the solution, cross-border payments will benefit from the immutability inherent in Blockchain technology to ensure security and reduce risk. D+H’s Blockchain capability is based on a Closed User Group (CUG), pre-funded solution.

“Congratulations to Rabobank for undertaking this important endeavor, and experimenting with Blockchain to transform its cross-border payments business,” says Moti Porath, Head, Product Management, Global Payments Solutions, D+H. “Leveraging D+H’s global payments hub solution, the bank recognizes that cross-border payments can be made in a more efficient way, and that D+H can execute payments across borders in near real-time, with certainty and convenience.”

D+H (TSX: DH) is a leading financial technology provider that the world’s financial institutions rely on every day to help them grow and succeed. Our global payments, lending and financial solutions are trusted by nearly 8,000 banks, specialty lenders, community banks, credit unions, governments and corporations. Headquartered in Toronto, Canada, D+H has more than 5,500 employees worldwide who are passionate about partnering with clients to create forward-thinking solutions that fit their needs. With annual revenues in excess of $1.5 billion, D+H is recognized as one of the world’s top FinTech companies on IDC Financial Insights FinTech Rankings and American Banker’s FinTech Forward rankings. For more information, visit dh.com.

Rabobank is an international financial services provider operating on the basis of cooperative principles. It offers retail banking, wholesale banking, private banking, leasing and real estate services. As a cooperative bank, Rabobank puts customers’ interests first in its services. Rabobank is committed to being a leading customer-focused cooperative bank in the Netherlands and a leading food and agri bank worldwide. Rabobank employs approximately internal and external 50,000 people. Rabobank Group is active in 40 countries.

Get Blockchain News Where You Are!

Join our Linked in Group Like our Facebook Page
Linkedin Group Blockchain Linkedin Facebook Group
SHARE
Previous articlePaxos and Euroclear Collaborating on Launch of Blockchain Solution For Gold Settlement in London Bullion Market
Next articleUN Bullish on Blockchain – Working on Several Distributed Ledger Projects
Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.