Canada’s largest bank test block chain cross-border payment


nnRUSSIA (Reuters) – Canada’s largest bank, Royal Bank of Canada (RBC), has announced that it is testing block-chain technology for cross-border payments. The block system in the test was built using open source technology maintained by the Hyperledger Block Chain Association and was deployed as a base layer for the RBC’s existing payment system approximately a week ago. It is reported that the system can monitor the transfer of payments between US and Canadian banks in real time, further providing the advantage of simplifying transactions and reducing costs.n
nTranslation: Clovern
Canada’s largest bank, Royal Bank of Canada (RBC), is planning to transfer money to the United States and transfer money from the US.n
The new system was built using open source technology maintained by the Hyperledger Block Chain Association and was deployed as a base layer for the RBC’s existing payment system approximately a week ago.n
RBC executive vice president Martin Wildberger told Reuters that what he called a “shadow ledger” system enabled the bank to monitor payments transferred between the US and Canadian banks in real time, further simplifying transactions and lowering Cost advantage.n
The system has been developed in the Toronto RBC development lab over the past six months, and the testing of the system has allowed banks to explore the potential of the technology without completely replacing existing systems.n
Wildberger told the media:n
n”We want to set it as a shadow class book so that we can demonstrate our leadership in technology development and recognize that the technology is still in its early stages of adoption.”n
nHe continues to say that the use of block chains and distributed ledger technology can greatly simplify transactions and enhance the functionality of banking systems. The bank executive said the chain chain “has the ability to change and is extremely important,” but he also stressed that he believes that the technology is still mature to take time.n
RBC is also exploring the capabilities of the block chain in other areas. Wildberger confirmed to Reuters that the bank was testing consumer use cases such as consumer incentives and loyalty products. Linda Mantia, executive vice president of digital banking, payment and card business at RBC, told CoinDesk last year that the bank is working on smart contracts and the potential to apply block chains to capital markets.n
As early as May, the Bank of Canada – Bank of Canada, the local newspaper Globe and Mail (Globe and Mail) revealed that the use of block chain chain banks still have “many obstacles”, but “one day” block chain to support The entire payment system.n

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