11 December 2017
visit www.aciworldwide.com

RBC tests distributed ledger for remittances and loyalty programme

26 February 2016  |  14447 views  |  0 RBC brance signage 2

The Royal Bank of Canada (RBC) is the latest financial services giant to go public with its distributed ledger progress, confirming that it is working with Ripple on cross-border payments and experimenting with a blockchain-based loyalty platform.

RBC, which operates in 40 countries, began looking into the how it could use the technology behind bitcoin to make cross-border payments cheaper and more efficient two years ago, Eddy Ortiz, VP of solution acceleration and innovation told Deloitte University Press.

Eventually the bank settled on Ripple, which is already working with a number of Tier 1 banks - including RBS and CBA - and this week boasted that its network and native currency could save banks up to 60% on costs associated with global interbank settlements.

RBC and Ripple are carrying out a limited-production proof of concept to test scalability, reliability, security, and performance, A large-scale deployment could follow and using the technology in other areas is also being investigated, says the Deloitte article.

In addition, RBC is working on how it can use a blockchain to engage customers in real time for a loyalty programme, explaining how points and rewards are accruing as products and services are used. Customers could also use the system to engage with the bank's partners for real-time redemption.

“Our customers will be able to see their points accrue each time they use their RBC credit card. And the reward points become like liquid cash, enabled by blockchain," says Ortiz.

Separately, Japan's Orix, Shizuoka Bank and NTT Data have set up a joint blockchain research project. The partners plan to build a prototype system and use distributed ledger tech to carry out proof-of-concept testing in areas such as overseas remittances and settlement services.

The firms say that they also hope to bring in players from other other industries to investigate the use of blockchains in fields outside of financial services.

Comments: (0)

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

Ripple boasts it can slash banks' global settlement costs

Ripple boasts it can slash banks' global settlement costs

23 February 2016  |  7825 views  |  0 comments | 3 tweets | 5 linkedin
JPMorgan tests blockchain for dollar transfers; strikes Starbucks deal

JPMorgan tests blockchain for dollar transfers; strikes Starbucks deal

23 February 2016  |  13981 views  |  0 comments | 8 tweets | 8 linkedin
Stellar builds instant money transfer network in Nigeria

Stellar builds instant money transfer network in Nigeria

04 February 2016  |  7165 views  |  0 comments | 15 tweets | 8 linkedin
RBC Wealth Management partners FutureAdvisor on digital advice pilot

RBC Wealth Management partners FutureAdvisor on digital advice pilot

02 February 2016  |  7360 views  |  0 comments | 9 tweets | 5 linkedin
BNP Paribas completes blockchain for transaction banking hackathon

BNP Paribas completes blockchain for transaction banking hackathon

02 February 2016  |  10372 views  |  1 comments | 15 tweets | 20 linkedin
Ripple to create Asian joint venture with SBI Holdings

Ripple to create Asian joint venture with SBI Holdings

29 January 2016  |  8299 views  |  0 comments | 15 tweets | 4 linkedin
Royal Bank of Canada rolls out conversational biometrics

Royal Bank of Canada rolls out conversational biometrics

05 October 2015  |  7813 views  |  1 comments | 20 tweets | 27 linkedin
CBA to test Ripple for intra-bank transfers

CBA to test Ripple for intra-bank transfers

27 May 2015  |  15079 views  |  2 comments | 27 tweets | 22 linkedin
Ripple scores $28 million funding round

Ripple scores $28 million funding round

19 May 2015  |  9999 views  |  0 comments | 17 tweets | 17 linkedin
Ripple signs first two US banks

Ripple signs first two US banks

24 September 2014  |  15562 views  |  5 comments | 18 tweets | 10 linkedin
RBC brings P2P transfers to Facebook Messenger

RBC brings P2P transfers to Facebook Messenger

11 December 2013  |  10279 views  |  1 comments | 14 tweets | 14 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit http://info.nice.comvisit www.response.ncr.comvisit www.aciworldwide.com

Top topics

Most viewed Most shared
Revolut lets customers buy Bitcoin, Litecoin and EthereumRevolut lets customers buy Bitcoin, Liteco...
18130 views comments | 26 tweets | 22 linkedin
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11038 views comments | 7 tweets | 6 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
6717 views comments | 13 tweets | 20 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
6417 views comments | 8 tweets | 17 linkedin
Barclays, First Direct and Nationwide join FCA sandbox cohortBarclays, First Direct and Nationwide join...
5830 views comments | 5 tweets | 12 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job