17 October 2017
Graham Williams

Payment Solutions

Graham Williams - Stanchion Payment Solutions

2Posts 8,473Views 0Comments

Experimenting with distributed financial technologies

05 February 2016  |  2798 views  |  0

As many have said before, distributed financial technologies in the retail payment space feels like the Internet in the mid-90s with lots of potential and expectation but not a lot of action. And just as the experimenting led to powerful use cases then, we expect to see the same pattern repeat itself with distributed ledgers.

To explore this opportunity ourselves, we recently tested whether distributed ledger technology could easily integrate into traditional payment systems and the answer was yes, it can. The integration effort was surprisingly easy and quick to do. But, creating a technical solution is the easy part. Building a business case for it is trickier.

This project was purely experimental. Blockchain is an exciting technology that lends itself to innovation in the payments world. While many industry players agree that it’s got huge potential, banks and retailers are yet to fully explore its possibilities.

It's good to start testing the technology so we're ready to integrate it into more traditional systems when the time comes.

The project used Ripple, a specialist in cross-currency settlement and a leading solution in the distributed financial technology field. Ripple’s API is very mature and simple to implement; additionally we had in-house expertise in understanding how to integrate Ripple’s technology.

Ripple has a strong use case for distributed financial technologies and has moved the technology from being simply edgy and interesting to being commercially viable. As Ripple’s tech is market ready, that meant it was the right choice for us to test with.

Speaking to Chris Larsen, Ripple's CEO and co-founder about the experiment, he said it's encouraging to see everyone from banks to payment system specialists exploring distributed financial technologies like Ripple for efficient, low-cost, cross-border settlement as we continue to lay the foundation for the Internet of Value. 

With this successful pilot behind us, we're looking for other opportunities to develop market-viable blockchain-like solutions.

 

 

 

 

Graham Williams Stanchion Payments Solutions CEO TagsPaymentsInnovation

Comments: (0)

Comment on this story (membership required)

Latest posts from Graham

Impending fintech apocalypse or just old-fashioned hype?

19 February 2016  |  5676 views  |  2 comments | recomends Recommends 0 TagsPaymentsInnovation

Experimenting with distributed financial technologies

05 February 2016  |  2798 views  |  0 comments | recomends Recommends 0 TagsPaymentsInnovation

Graham's profile

job title CEO
location Cape Town
member since 2016
Summary profile See full profile »
I head up a business that supports the implementation and management of payment environments and card applications for retailers, banks, credit unions, card schemes, payment systems and processors wor...

Graham's expertise

Member since 2016
2 posts0 comments
What Graham reads
Graham writes about
PaymentsInnovation
Graham's blog archive
2016 (2)

Who's commenting on Graham's posts