BNP Paribas, ane of the world’s peak banks, announced that it has processed real-time payments for ii of its longstanding corporate clients, Amcor, a global leader inwards packaging solutions, in addition to Panini Group, an international leader inwards collectables in addition to trading cards using blockchain technology.
BNP Paribas has successfully processed in addition to cleared payments inwards diverse currencies for Panini Group in addition to Amcor betwixt BNP Paribas banking company accounts located inwards Germany, the Netherlands in addition to the United Kingdom. The proclamation states that the payments were fully processed in addition to cleared inwards a few minutes, highlighting the potential of blockchain applied scientific discipline to eliminate delays, unexpected fees in addition to processing errors, paving the vogue for real-time cash management.
“Blockchain applied scientific discipline applied to cross-border payments offers an innovative vogue of processing inwards near-real-time high value transactions betwixt dissimilar companies,” said Panini Group Treasurer, Fabrizio Masinelli. “This proof of concept shows how powerful such applied scientific discipline tin hold upwards in addition to how it tin hold upwards utilized equally an effective in addition to efficient reply to the primary issues that treasurers appear upwards on a daily basis. This slap-up achievement was possible cheers to the collaboration betwixt Panini’s Group Treasury teams in addition to the diverse teams of BNP Paribas.”
The airplane pilot projection is business office of the Bank’s Cash Without Borders programme for international payments, which leverages distributed ledger applied scientific discipline to avoid delays, unexpected costs in addition to processing errors, in addition to render short town in addition to reporting inwards existent time. BNP Paribas hasn’t provided detailed data on its specific blockchain applied scientific discipline solution, exactly the takeaway message is clear: ane of the world’s largest banks is kickoff to offering its primary clients side past times side generation payments amongst the speed in addition to depression toll offered past times blockchain fintech.
“This proof of concept demonstrates that blockchain applied scientific discipline offers existent opportunities to considerably improve our offering for corporate treasury managers,” said Jacques Levet, Head of Transaction Banking EMEA at BNP Paribas CIB, “On the payments front, this confirms our strong commitment to follow closely in addition to farther accelerate our participation inwards a number of marketplace initiatives aiming at improving the corporate payments sense using blockchain technology.”
A Growing Interest inwards Blockchain Tech
BNP Paribas, a French banking company headquartered inwards Paris, was formed through the merger of Banque Nationale de Paris (BNP) in addition to Paribas inwards 2000. Based on 2012 information, BNP Paribas was ranked past times Bloomberg in addition to Forbesthe third-largest banking company inwards the world, equally measured past times sum assets. Fully integrated inwards the BNP Paribas Group, BNP Paribas Corporate in addition to Institutional Banking (CIB) provides solutions to corporate in addition to institutional clients.
The banking company has been quietly exploring distributed ledger applied scientific discipline for some time. In July 2015, Bitcoin Magazine reported that BNP Paribas fiscal securities query analyst Johann Palychata, writing for the bank’s fiscal magazine, Quintessence, praised Bitcoin equally an innovative in addition to disruptive opened upwards beginning applied scientific discipline for the fiscal world. “Its meat is the first of all successful endeavor for a secure in addition to decentralized register,” said Palychata. “It should hold upwards considered equally an conception similar the steam or combustion engine.”
Following other high profile fiscal institutions, BNP Paribas joined ii leading blockchain fintech evolution groups. In Nov 2015, the Bank joined R3, a global fiscal services companionship focused on applications of cryptographic applied scientific discipline in addition to distributed ledger-based protocols inside global fiscal markets. In July this year, BNP Paribas joined the Hyperledger Project, a collaborative cross-industry crusade to advance blockchain applied scientific discipline led past times The Linux Foundation. The banking company is likewise on the Board of Digital Asset Holdings, a key histrion inwards the Hyperledger group. The Hyperledger tidings unloosen didn't include a tilt from BNP Paribas, which indicates that the Bank was non hit to unveil its blockchain-related plans at the time.
In September, BNP Paribas announced that it was reinforcing its commitment to distributed ledger fintech, launching a novel in-house Innovation Lab, in addition to hosting its first of all Blockchain Bizhackathon inwards New York, next previous Bizhackathon events inwards Europe.
“BNP Paribas’ focus on novel applied scientific discipline has been a priority for decades in addition to thence nosotros are glad to hold upwards hosting the first of all American Bizhackathon inwards New York,” noted Bruno d’Illiers, the Bank’s Deputy Head of CIB for the Americas. “With the creation of our novel in-house Innovation Lab nosotros desire to initiate a dialogue amongst our clients some blockchain in addition to honor novel solutions to integrate the applied scientific discipline that volition let BNP Paribas to amend serve them.”
The postal service BNP Paribas Pilots Real-Time Corporate Payments on the Blockchain for Large Corporate Clients appeared first of all on Bitcoin Magazine.
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