Fintech giant DH Corporation (D+H) and Dutch lender Rabobank have announced the execution of a proof of concept showing that D+H’s payments services hub, together with blockchain tech specialst Coin Sciences’ multichain blockchain solution, is able to execute cross-border payments in near real-time for the bank, using distributed ledger/blockchain technology.
The solution has been proven to successfully address three areas:
- Immediacy: The ability to complete end-to-end transactions in near-real-time.
- Reachability: The ability to send funds to any of the bank’s closed user group members.
- Probability: The ability for both payer and payee bank to agree to the payment before it is committed, preventing non-settlements or rejections after payment processing.
In addition to cross-border payments, Rabobank is investigating the use of blockchain for other ongoing projects, including payments through the Internet of Things (IOT), know-your-customer (KYC) registration and trade finance documents. Rabobank is a partner of blockchain accelerator Nexuslab, and works together with startups and corporates to find new business models to ultimately improve its customers’ experience.