25 April 2018
Visit http://response.ncr.com

Citi builds blockchains

02 July 2015  |  11547 views  |  2 citi bank

Citi has been exploring distributed ledger technology for years, building three blockchains and creating its own crypto-currency, dubbed Citicoin, the banking giant has told International Business Times.

Citi Innovation Labs boss Ken Moore says that the systems are at the "pre-production" level and designed to help the bank make sure it is at the "leading edge of this technology and that we can exploit the opportunities within it".

The focus of the work is on using the blockchain for payments, particularly cross-border transactions. "Because we are a global network, a global bank, we can look for opportunities to use this technology to move money from country to country - country A to country B, across our network," Moore tells IBTimes.

Away from the blockchain, Citi is also working with Kenya's Safaricom to enable companies and NGOs to make mobile payments to people without bank accounts.

Ireti Samuel-Ogbu, MD, payments and receivables, Emea, told IBTimes: "We were able to partner with Safaricom to enable us with our banking platform to make an electronic funds transfer - which is normal for a banking platform - but to also enable payment into a mobile phone.

"So it meant that a customer could send us a file and one part would go off to the local clearing house and the other bit of the file would end up being credited to a mobile phone through partnership with Safaricom."

Comments: (2)

A Finextra member
A Finextra member | 03 July, 2015, 07:40

First of all I think it's a good thing that banks use blockchain technology.

But do we really want Citicoin, XYZcoin (XYZ is a placeholder for other banks) against bitcoin? 

And probably the coins of bank A won't work in the network of bank B.

But maybe bank A and bank B could use bitcoin as a bridging exchange cryptocurrency...

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 06 July, 2015, 12:41

Don't know why they have to go through the hassle of a cryptocoin and blockchain - surely a simple internal Citi message format would be quicker and just as efficient.

Assume they are proposing: Citi Country A Currency A, convert to citicoin, reconvert to Citi Country B Currency B to pay beneficiary.

More efficient: Citi in Country A instructs Citi in Country B to pay Currency B to beneficiary.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Barclays bets on blockchain and startups to re-invent finance

Barclays bets on blockchain and startups to re-invent finance

22 June 2015  |  21676 views  |  0 comments | 40 tweets | 16 linkedin
LHV Bank uses blockchain tech to issue receivables claims

LHV Bank uses blockchain tech to issue receivables claims

09 June 2015  |  18619 views  |  0 comments | 27 tweets | 16 linkedin
Citi looks to build a global ecosystem for FinTech

Citi looks to build a global ecosystem for FinTech

10 April 2015  |  23005 views  |  0 comments | 38 tweets | 29 linkedin
UBS to investigate blockchain technology in new London innovation lab

UBS to investigate blockchain technology in new London innovation lab

02 April 2015  |  26126 views  |  0 comments | 36 tweets | 20 linkedin
Citi global head of digital strategy voices bitcoin scepticism

Citi global head of digital strategy voices bitcoin scepticism

27 January 2015  |  8903 views  |  0 comments | 6 tweets | 11 linkedin
Citi to launch global accelerator programme

Citi to launch global accelerator programme

02 December 2014  |  17523 views  |  0 comments | 11 tweets | 14 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comVisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
14885 views comments | 21 tweets | 28 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
11466 views comments | 18 tweets | 32 linkedin
'Fake data' will make banks vulnerable - Accenture'Fake data' will make banks vulnerable - A...
9810 views comments | 26 tweets | 36 linkedin
Irish central bank tunes in to fintechIrish central bank tunes in to fintech
8902 views comments | 20 tweets | 21 linkedin
Major card schemes zero in on single 'buy' button for online commerceMajor card schemes zero in on single 'buy'...
8833 views comments | 20 tweets | 36 linkedin

Featured job

(GBP Equivalent) Six-Figure Base + OTE + Benefits
New York City, NY - USA

Find your next job