Several of the world's largest banks are in the process of investing around...
NEW YORK - Several of the world’s largest banks are in the process of investing around $50 million to create a digital cash system using blockchain technology to settle financial transactions, according to people familiar with the plans.
The previously disclosed project, known as the"utility settlement coin," was first proposed by Swiss bank UBS Group AG and London-based technology startup Clearmatics in 2015. It aims to develop a system to make clearing and settlement in financial markets more efficient. The deal has not been finalized so details may change. The new system could launch in 2020, the person said.Banks that had previously disclosed they were working on earlier phases of the project include UBS, Banco Santander, Bank of New York Mellon Corp, State Street Corp, Credit Suisse Group AG, Barclays PLC, HSBC Holdings Plc and Deutsche Bank AG.
Banks and other financial institutions have invested millions of dollars to test new blockchain systems aimed at reducing the costs and complexity of cumbersome processes. These include securities settlement and international payments.The utility settlement coin, one of the most ambitious of such projects, would consist of a digital cash instrument that banks could use to settle transactions.
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।
Exclusive: Turkey presses banks to agree high-stakes bailout of bad energy loansTurkey's plan to clean up some $13 billion in bad energy loans, one of the ...
और पढो »
Fake heiress 'Anna Delvey,' who scammed banks and socialites, gets up to 12 years in prisonIn one instance, prosecutors say she promised a friend an all-expense-paid trip to Morocco, but stuck them with the $62,000 bill.
और पढो »
Tyra Banks is back and on the cover of 'Sports Illustrated''I was a bit nervous': Supermodel Tyra Banks speaks with CNN's donlemon about being featured on the cover of 'Sports Illustrated' at age 45.
और पढो »
U.S. housing agency wants new rules to attract mortgages from banksThe Federal Housing Administration announced on Thursday it was seeking to strea...
और पढो »
Australia's big banks search for new customers with cut price fixed loansAustralia and New Zealand Banking Group cut fixed mortgage rates on Friday, the ...
और पढो »
EU banks call for rethink of capital markets projectThe European Union's efforts to create a capital market to rival the United...
और पढो »
Hong Kong is facilitating big tech's banking pushHong Kong's Monetary Authority (HKMA) has granted virtual banking licenses to four big tech banks.
और पढो »
Mexico to cut Pemex tax bill, banks to refinance debt to ease woesThe Mexican government on Monday announced measures to ease state oil firm Pemex...
और पढो »
The state of America’s community banksCommunity bankers, from towns large and small all over America, are deeply rooted in home soil—and well organised
और पढो »
California lawmakers consider bill to create state-chartered cannabis banksThe fate of a bill that would allow California marijuana firms to receive banking services from state-chartered banks and credit unions could be determined Thursday when a key hearing is held on the legislation. A previous attempt to pass similar legislation failed last year.
और पढो »
Startups target banks' small business customers in FX payments driveRevolut and TransferWise are signing up thousands of small businesses a month fo...
और पढो »