Deloitte showcases integration of Ripple technology

390
ADVERTISEMENTSToken Agency
Blockchain Expo North America 2019
global

Share with:


This week, Deloitte presented a pioneer project at the Temenos Community Forum 2016 in Barcelona: full integration with the Ripple protocol and the Temenos Core Banking Software using the Bluzelle Altitude Gateway technology.

advertisementToken Agency

“There is an enormous potential for banks to leverage disruptive technologies to make their existing payment processes faster, cheaper, and more secure. Innovative financial institutions are aware of this and are looking for ways to integrate their core systems with disruptive technologies such as distributed ledgers or Blockchain,” explained Patrick Laurent, Partner and Technology Leader at Deloitte.

New payment technology is transforming financial systems by allowing direct bank-to-bank settlements in real time, even for international transfers.

Deloitte is looking to combine core banking systems with Fintech to open the door for brand new opportunities, and brings the right players together to show the immense possibilities in this area. Deloitte worked on this pioneer integration project with Bluzelle—a licensed, software company based in Canada and Singapore—which builds Blockchain and distributed ledger solutions for the financial industry.

Fintech disruption at work

Temenos develops software for the financial industry, while Ripple technology is an open-source system based on Internet protocols, permitting domestic and international payments in any combination of currencies to be settled directly between the parties without the need for central clearing houses or correspondent banks.

The overall objective of the Ripple integration is to enable financial institutions to send payments, either in local or foreign currency, in real-time without relying on intermediary banking relationships. This dramatically changes the way international payments are being managed and processed, as Ripple technology reduces fees, transaction times, and the need for liquidity.

“Banks have undergone an important technological transformation over the past years. We are now seeing a disrupted marketplace with new market entrants and an array of innovative technologies. The new-generation customer is now driving change in banking and soon he will no longer accept to wait for three days for an international payment to go through,” says Patrick Laurent.

The European Payments Council are expected to develop a scheme for instant payments in euro by November 2016 and implement it by November 2017, based on SEPA CT (Single Euro Payments Area – Credit Transfer), and available for all payment service providers in Europe.

“This integration is a great translation of our strategy to make Blockchain real for our clients. Connecting the right Blockchain-based solutions to core platforms is critical to harvest the benefits of distributed ledgers to generate cost efficiencies and new business opportunities,” concludes Eric Piscini, Deloitte Global Blockchain Leader.

Share with:


About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

Visit Website
View All Articles
advertisements
Blockchain Partners


Token Agency
global
Tymlez
Blockchain Expo North America 2019

This site uses Akismet to reduce spam. Learn how your comment data is processed.