Blockchain Technology Supported By SAP
Posted by kamal on August 2nd, 2016
ATB Financial, the largest Alberta-based financial institution, has collaborated with SAP SE, financial technology start-up Ripple Labs Inc. and ReiseBank AG in Germany to send the first real international blockchain technology payment from Canada to Germany. ATB successfully transferred CA,000 (EUR 667) to ReiseBank using a network built on SAP technology and Ripple’s pioneering network of enterprise blockchain solutions. The payment, which would typically have taken between two to six business days to process because of requirements such as settling with the counterparty bank and reconciling accounts, was completed in around 20 seconds.“Although we are very much still in the early stages of blockchain adoption, it was highly encouraging to see in a true demonstration the potential it has in transforming cross-border payments, making them almost instantaneous and reducing potential errors,” said Curtis Stange, chief strategy and operations officer, ATB Financial.
About the Authorkamal
Joined: July 18th, 2014
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