Royal Bank of Scotland, the development of Emerald system based on Ethernet square, to complete the cross-border payment
Cross-border payment is always a very troublesome business, but the Royal Bank of Scotland (RBS) is seeking to change this situation, through the use of a new system based on Ethernet workshop to eliminate the existing system of cross-border transactions in low efficiency and frequent mistakes.
The use of the banking system at present, overseas remittances may take a long time to complete, and the cost is very high, this is the reason why in recent years, some institutions to bitcoin and other digital currency to complete this work. With the continuous promotion of the use of bitcoin, bitcoin use transfer fee has fallen, so that migrant workers are more likely to send money home to their families. For Ethernet square, although the platform has experienced many problems, including DDoS attacks and repeated hard bifurcation, but the underlying technology that bitcoin competitors are often touted as one of the most advanced technology market.
One of the biggest problems in Europe remittances and cross-border payments currently facing is the business need to spend a lot of time. RBS Innovation Engineering Director Richard? De crook (RichardCrook) explained:
“If you want to make cross-border payments in the European region, such as from France to Germany, or from Britain to France, in the worst case, the payment process takes 3 days to complete.”
The new development of the RBS system called Emerald, the system can greatly reduce the waiting time of the transaction. Every second can have about 100 transactions into the system, most of the transactions will be completed in 25 seconds. Compared with the current three day time, can be said that there is a huge difference.
The Emerald system has not yet announced the exact date on the line, however, the system has been determined to be able to solve the problem of existing payment business there. The sender can be assured of their transfer funds almost instant arrival. Crook further said:
“Essentially, we have created a distributed clearing center… We have done a great deal of effort.”