Silicon Valley's Expertus Joins Ripple to Test Blockchain for Banks

Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology is now the hottest trend to claim to be exploring in the world of banking, but established institutions still have a long way to go before they actually apply it. A new solution from Expertus and Ripple hopes to help banks bridge this gap by offering a testing service with minimal process disruption and integration efforts.

The two firms say that the combination of Expertus Payment Platform with the Ripple distributed ledger will enable financial institutions to offer their clients real-time payment execution, complete transparency into fees and lower costs. The solution is also said to enhance liquidity management for banks and their corporate customers and paves the way for global payment netting and settlement.

''By providing this pilot program, we intend to help financial institutions move fast in the assessment of this new technology without the operational risk of a large-scale IT overhaul,'' says Jacques Leblanc, president of Expertus. ''Several banks have already joined the program and have realized the benefits of blockchain.''

“Joining forces with partners like Expertus allows us to make it even easier for banks and their customers to realize the benefits of distributed financial technology," says Steve Mollenkamp, Head of Channel Sales at Ripple. “The newly launched pilot program will contribute to the growth of the Ripple network, enabling even more financial institutions to improve their cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.”

Last month accounting giant Deloitte revealed its project for full integration with the Ripple protocol and the Temenos Core Banking Software which is used by over a thousand financial institutions around the world.