26 March 2017
Visit EBAday.com

SEB to build Ripple-flavoured blockchain payments network

07 November 2016  |  9728 views  |  1 Binary

SEB is to use blockchain technology from Ripple to enable customers to make real-time intra-bank transfers between accounts in Stockholm and New York.

The Nordic bank says that it has verified that Ripple's technology is compatible with the bank's infrastructure and work is now underway to build an operational system. The first customer transactions are planned for next year, and will offer customers real-time transfers with later cut-off times for initiating transfers than those available today.

“By using Ripple's distributed financial technology, our customers can initiate real-time transfers between their SEB accounts in Sweden and the bank’s branch in New York,” says Paula da Silva, head of transaction services at SEB. “In the next step, we plan to expand the solution to include all geographies and time zones in which we operate".

He says that in the future it is likely that networks with partner banks using the same technology will appear, creating interledger connections for secure real-time payments.

“We face huge leaps in technology and many players compete to create standards that enable global solutions," says da Silva. "It is not possible to predict who will be successful and therefore we have to experiment and try different solutions”.

SEB is part of the R3 blockchain consortium, where some 50 international banks have joined forces in a partnership to develop common standards for the distributed ledger technology.

In August SEB, through its venture capital unit, also made an investment in Coinfiy, a Danish blockchain payments sartup.

Comments: (1)

André Casterman
André Casterman - INTIX - Mechelen | 07 November, 2016, 11:36

Great move, Paula. Starting with intra-bank flows provides an good first track to roll out such new technology. Would be interesting to roll it out with other European banks next in order to build a pan-European instant payment service, which is also being worked on by the European Banking Association.

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

Japanese banks flock to blockchain consortium

Japanese banks flock to blockchain consortium

01 November 2016  |  12156 views  |  0 comments | 23 tweets | 15 linkedin
Banks test Ripple digital asset for cross-border payments

Banks test Ripple digital asset for cross-border payments

20 October 2016  |  7139 views  |  0 comments | 10 tweets | 10 linkedin
Ripple rudely gatecrashes Sibos party

Ripple rudely gatecrashes Sibos party

28 September 2016  |  16585 views  |  3 comments | 47 tweets | 39 linkedin
Swift beware: Ripple signs banks to global payments steering group

Swift beware: Ripple signs banks to global payments steering group

23 September 2016  |  12981 views  |  0 comments | 35 tweets | 18 linkedin
Ripple scores $55 million funding round; adds new bank members

Ripple scores $55 million funding round; adds new bank members

15 September 2016  |  8649 views  |  0 comments | 20 tweets | 20 linkedin
SEB invests in blockchain payments outfit Coinify

SEB invests in blockchain payments outfit Coinify

03 August 2016  |  5939 views  |  0 comments | 12 tweets | 9 linkedin
Ripple goes after Swift; talks up multi-sign

Ripple goes after Swift; talks up multi-sign

06 July 2016  |  9919 views  |  0 comments | 19 tweets | 19 linkedin
Banks embrace Ripple and move beyond testing to real-world transactions

Banks embrace Ripple and move beyond testing to real-world transactions

22 June 2016  |  12857 views  |  0 comments | 39 tweets | 38 linkedin
Santander taps Ripple blockchain tech for international payments app

Santander taps Ripple blockchain tech for international payments app

26 May 2016  |  14467 views  |  0 comments | 36 tweets | 43 linkedin
Ripple opens London office to serve European demand

Ripple opens London office to serve European demand

21 March 2016  |  12447 views  |  1 comments | 20 tweets | 4 linkedin
Ripple boasts it can slash banks' global settlement costs

Ripple boasts it can slash banks' global settlement costs

23 February 2016  |  6669 views  |  0 comments | 3 tweets | 5 linkedin
Swedish bank takes out newspaper ad to talk bitcoin

Swedish bank takes out newspaper ad to talk bitcoin

16 June 2015  |  7349 views  |  0 comments | 8 tweets | 5 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit abe-eba.eu

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57367 views comments | 16 tweets | 36 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
9710 views comments | 43 tweets | 26 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8939 views comments | 23 tweets | 37 linkedin
MAS to roll out national KYC utility for SingaporeMAS to roll out national KYC utility for S...
7930 views comments | 19 tweets | 28 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
7375 views comments | 22 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job