Industry SectorsFinancial ServicesNasdaq, Citi partnership expands blockchain potential

Nasdaq, Citi partnership expands blockchain potential

The two say that their collaboration has created a “pioneering” institutional banking solution.

US exchanges operator Nasdaq and Citi Treasury and Trade Solutions are uniting on an integrated payment solution that enables straight through payment (STP) processing and automates reconciliation by using a distributed ledger to record and transmit payment instructions.

Several payment transactions have been concluded including Citi’s automated processing of cross-border payments via a link between the CitiConnect for Blockchain connectivity platform and the Linq Platform powered by the Nasdaq Financial Framework. The collaboration has created “a pioneering institutional banking solution that tightly integrates blockchain technology with Citi’s global financial network leveraging application programming interface (API) technology.”

Citi adds that the partnership leverages Chain’s blockchain infrastructure platform and draws on core competencies from industry leaders who are at the forefront of innovation in the global financial sector. Emerging technologies such as distributed ledger technology (DLT) are driving digitisation and enabling new platforms and blockchain ecosystems that can provide real-time digital solutions. For example, the integration can allow businesses such as Nasdaq Private Market to address the challenges of liquidity in private securities by streamlining payment transactions between multiple parties.

Among key benefits being promoted under the integration:
• A seamless end-to-end transactional process for private company securities
• Direct access to global payments from Nasdaq’s Linq platform using CitiConnect for Blockchain and WorldLink Payment Services, Citi’s cross border, multicurrency payments service.
• Increased operational efficiency and ease of reconciliation with real-time visibility of payment transactional activity on the blockchain ledger.

Related Articles

BigTech in financial services may require sweeping new laws

Big Data BigTech in financial services may require sweeping new laws

3d Jay Ashar
Open season on Open Banking

FinTech Open season on Open Banking

3d Jonathon Tanner
AccessPay appoints Tim Butchart as Chief Revenue Officer

Cash Management Regional AccessPay appoints Tim Butchart as Chief Revenue Officer

1w Jay Ashar
Capgemini: Will big tech make big waves in 2020?

FinTech Capgemini: Will big tech make big waves in 2020?

2w Tom Lemmon
Is it time for banks to think like big tech?

Banking Is it time for banks to think like big tech?

3w Austin Clark
Bank of America: The future is fast, smart and secure

Banking Bank of America: The future is fast, smart and secure

1m Austin Clark
Reversing the cultural trend: how Europe is driving technology innovation to influence the US

Banking Reversing the cultural trend: how Europe is driving technology innovation to influence the US

1m Santosh Radhakrishnan
Unlocking value: maximising the potential of supply chain finance

Banking Unlocking value: maximising the potential of supply chain finance

1m Alexander Pawellek

Whitepapers & Resources

Transaction Banking Survey 2019

Transaction Banking Survey 2019

3m
TIS Sanction Screening Survey Report

Payments TIS Sanction Screening Survey Report

5m
Enhancing your strategic position: Digitalization in Treasury

Payments Enhancing your strategic position: Digitalization in Treasury

7m
Netting: An Immersive Guide to Global Reconciliation

Netting: An Immersive Guide to Global Reconciliation

10m